The RBI’s Monetary Policy Committee (MPC) will meet six times in the next financial year, and is going to conduct its first three-day meeting of 2023-24 during April 3-6 (April 3, 5 and 6). The RBI MPC is India’s interest rate-setting panel that decides on the key lending rates in the country. Headed by the RBI governor, the Committee has two representatives from the central bank and three external members.
According to the schedule released by the RBI on Friday (March 24), the first bi-monthly monetary policy of FY2023-24 is scheduled for April 3, 5 and 6; and next will be held during June 6-8.
The third, fourth and fifth meetings have been scheduled for August 8-10, October 4-6, and December 6-8. The sixth bi-monthly meeting of the MPC is scheduled to be held on February 6-8, 2024.
The RBI governor announces the bi-monthly monetary policy after MPC’s deliberations on the prevailing domestic and economic situations. The meetings are held over three days.
The central government has tasked the RBI to ensure that inflation remains at 4 per cent with a margin of 2 per cent on the either side.
The CPI inflation, which is the key reference point for the RBI’s monetary policy decisions, in India currently stands at 6.44 per cent. Though it eased marginally as compared with January’s 6.52 per cent, it remains beyond the RBI’s tolerance limit of 6 per cent for the second consecutive month.
The RBI has been continuously increasing the key repo rate in order to control inflation in the country. It has raised the repo rate six times by 250 basis points in total since May 2022 in order to control inflation. In the last MPC meet last month, the RBI raised the key repo rate by 25 basis points to 6.50 per cent.
Month-Wise CPI Inflation Rates in India During 2022-23:
- April 2022: 7.79 per cent
- May 2022: 7.04 per cent
- June 2022: 7.01 per cent
- July 2022: 6.71 per cent
- August 2022: 7 per cent
- September 2022: 7.41 per cent
- October 2022: 6.77 per cent
- November 2022: 5.88 per cent
- December 2022: 5.72 per cent
- January 2023: 6.52 per cent
- February 2023: 6.44 per cent.
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