RBI monetary policy outcome: Date, time and other details you need to know

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is preparing for its much-awaited policy statement on April 5, 2024, the first announcement for the current financial year. 

The six-member panel, chaired by RBI Governor Shaktikanta Das, is scheduled to announce at about 10 a.m. IST on April 5. 

The MPC is responsible for deciding the nation's monetary policy and influencing borrowing rates. This committee meeting, which began on April 3 meeting, marks the commencement of the first bi-monthly review, where key decisions regarding interest rates will be made. 

Market watchers predict that the committee will continue to keep the repo rate at its current 6.5% level. This is despite growing inflationary pressures. 

The Indian economy is doing well. However, the inflation rate is still higher than the RBI's objective of 4%, so rate cuts are not expected to happen soon, mint reported.

Instead, it is expected to persist in employing alternative instruments to tackle surplus liquidity.

The repo rate, the benchmark interest rate at which the RBI lends to other banks, plays a crucial role in mending borrowing practices across the economy.

MPC's meeting thus marks a crucial stage for the Indian economy as it navigates the challenges surrounding borrowing and balancing growth and inflation. 

The committee will consider various economic indicators, including recent inflation trends and growth projections, before deciding on the future course of monetary policy.

In its previous meeting held in February, the MPC unanimously decided to maintain the repo rate at 6.5%, marking the sixth consecutive time the rate remained unchanged. This decision was made in response to persistent inflationary pressures, reflecting the committee's commitment to maintaining price stability.

During its most recent meeting in February, the MPC unanimously opted to keep the repo rate at 6.5%. It was the sixth continuous time the rate remained the same. 

The February decision was taken with the ongoing inflationary pressures in mind, highlighting the committee's determination to preserve price stability.