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Oct 09, 2020 08:36 AM IST | Source: Moneycontrol.com
RBI Monetary Policy LIVE Updates: Governor Shaktikanta Das' address at 10 am
RBI Monetary Policy LIVE Updates: Reserve Bank of India's Governor Shaktikanta Das will announce decisions of the Monetary Policy Committee (MPC) shortly
RBI Monetary Policy LIVE Updates: The Reserve Bank of India's Governor Shaktikanta Das will announce the Monetary Policy Committee (MPC)'s decisions at 10.00 am today. The newly-constituted MPC of the central bank began its three-day deliberations on October 7, amid speculation that it will maintain status quo on the benchmark lending rates in view of hardening inflation. The meeting of the six-member panel, earlier scheduled for September 29-October 1, was rescheduled after appointment of independent members was delayed. In its August meet, the MPC left the repo rate unchanged at 4 percent and reverse repo rate at 3.35 percent. Since February 2019, the MPC has cut repo rate by a steep 250 basis points. Catch the latest LIVE updates here:
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RBI Monetary Policy meeting: LIVE updates
Watch LIVE ##RBI Monetary Policy LIVE Updates | Watch LIVE here
Watch out for Bi-monthly Monetary Policy address by RBI Governor Shaktikanta Das at 10:00am on October 09, 2020
RBI Monetary Policy LIVE Updates | Challenges
The growth scenario, on the other side, is alarming. Most forecasts predict a contraction of 5-9 percent for this fiscal. The latest warning has come from the World Bank which said the GDP contraction could be 9.6 percent in this fiscal.
RBI Monetary Policy LIVE Updates | Challenges
The MPC has an inflation band of plus or minus 4 percent to keep a watch on. Any reading above that, at a persistently elevated level, isn’t welcome. The last reading for August showed the CPI inflation print at 6.69 percent, according to data released by the National Statistical Office (NSO) on September 14. The consumer price index (CPI)-based inflation rate for July has been revised to 6.73 percent from 6.93 percent. This is the fifth month in a row that retail inflation has stayed above the RBI’s comfort level at the upper band of 6 percent.
RBI Monetary Policy | Challenges
The big challenge before the MPC is to play the balancing act while making its policy choice. They are meeting at a time when growth is projected to contract steeply and inflation is high. Retail inflation has consistently stayed above the central bank’s comfort level for several months, hit by high food prices mainly.
RBI Monetary Policy LIVE Updates | In its August meet, the MPC left the repo rate unchanged at 4 percent and reverse repo rate at 3.35 percent. Since February 2019, the MPC has cut repo rate by a steep 250 basis points. One bps is one-hundredth of a percentage point.
RBI Monetary Policy LIVE Updates | Early this week, the government said it had filled three vacant seats by appointing Ashima Goyal, member, Prime Minister’s Economic Advisory Council (PMEAC); Shashanka Bhide, Senior Advisor, National Council for Applied Economic Research; and Jayanth Verma, Professor, Indian Institute of Management, Ahmedabad, to the RBI panel that sets interest rates.
Of the three, Goyal is seen as a ‘dove’ while the other two are in the ‘neutral’ camp. Other MPC members include deputy governor Micheal Patra and executive director Mridul Saggar, considered to be ‘hawks’.
Hello and welcome to Moneycontrol’s coverage of the Reserve Bank of India (RBI)’s Monetary Policy Committee (MPC) meeting and its decision.
RBI Governor Shaktikanta Das will announce the panel’s decision at 10.00 am. This time, the MPC meet gained even bigger attention as three out of the six members came on board at the last minute. Due to the delay in appointment, the MPC meet had to be postponed late last month.