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RBI Monetary Policy: Repo rate up by 25 bps, FY23 inflation pegged at 6.5%
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The Reserve Bank of India (RBI) announced the meeting schedule of the Monetary Policy Committee (MPC) for the next financial year (FY24) on Friday.
The rate-setting panel of RBI meets bi-monthly to discuss measures to keep the macroeconomic indicators on track.
The first meeting for the next fiscal is scheduled to be held from April 3-5, 2023.
After the meeting in April 2023, the RBI MPC will meet on June 6-8, August 8-10, October 4-6, December 6-8, and February 6-8, 2024.
Meeting Schedule of the Monetary Policy Committee for 2023-2024 #RBItoday #RBIgovernor #monetaryPolicy https://t.co/daScfyc7Yd
— ReserveBankOfIndia (@RBI) March 24, 2023
In its February meeting, the MPC increased the repo rate by 25 basis points, a move aimed at bringing down inflation to 2-6 per cent. The repo rate was hiked for the sixth consecutive time in February.
According to government data, the retail inflation fell marginally in the previous month but remained above RBI's 6 per cent upper tolerance band for the second straight month, with the Consumer Price Index (CPI) at 6.44 per cent.
Retail inflation in rural areas was 6.72 per cent and for urban India, it was 6.1 per cent. For the month of January, the retail inflation was at 6.52 per cent.
RBI’s target range for inflation is between 2-6 per cent.
RBI raises the repo rate to bring down demand in the economy which helps in controlling inflation.
The MPC is expected to hike interest rates to control inflation when it meets next month.
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First Published: Fri, March 24 2023. 22:44 IST
