RBI Monetary Policy: RBI MPC 3-Day Meeting Will Begin On December 6th

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is scheduled to begin today, December 6, 2023, and end on December 8, 2023.

The committee, which is chaired by RBI Governor Shaktikanta Das, will discuss and make a decision early on December 8. The committee's primary duty is to set the policy repo rate. The committee seeks to strike a balance between reaching the targeted inflation rate and taking economic growth into account.

Members of the MPC

Governor Das, Deputy Governor Michael Debabrata Patra, and RBI Executive Director Rajiv Ranjan are among the members of the MPC, which consists of both outside experts and RBI officials. The committee benefits from the expertise of external members Shashanka Bhide, Ashima Goyal, and Jayanth R Varma.

December 6 marked the start of the three-day meeting, and December 8 was set aside for the release of the highly anticipated result.

MPC will conclude on December 8th

The MPC decision will be announced by Governor Das on December 8 at around 10 a.m., with a press conference following at noon. Based on expert analysis, it is anticipated that the RBI will keep short-term interest rates unchanged during this week's MPC review.

This is because India's inflation has been steadily rising and the country's economy is expanding. The RBI has kept the benchmark policy rate (repo) unchanged during the previous four bi-monthly monetary policies; the last adjustment was made in February 2023, with a 6.5 % increase.

Also read: GDP figures released on Thursday, and they showed higher-than-expected growth of 6.8%

Following the disruptions in global supply chains caused by the Russia-Ukraine conflict, which led to increased inflation in the nation, a series of interest rate hikes that began in May 2022 came to a conclusion with this adjustment.

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