RBI Governor Shaktikanta Das. (File Photo)
Headed by RBI Governor Shaktikanta Das, the six-member Monetary Policy Committee (MPC) is meeting for three days and the decision would be announced at 10 am on Wednesday, October 9.
RBI MPC October 2024: The monetary policy committee of the Reserve Bank of India commenced its three-day discussions on Monday, October 8, with anticipations pointing towards the likelihood of the central bank maintaining the benchmark interest rates at 6.5 per cent taking into consideration the current domestic growth-inflation dynamics, with strong GDP growth and higher near-term inflation projection.
Headed by RBI Governor Shaktikanta Das, the six-member Monetary Policy Committee (MPC) is meeting for three days and the decision would be announced at 10 am on Wednesday, October 9.
RBI MPC Announcement Time
The RBI governor will present the latest monetary policy statement at 10 am on October 9, Wednesday, including the decision on key policy rates like repo rate, reverse repo rate, etc.. He is expected to talk about the current domestic as well as global economic situation.
After the policy announcement, the RBI governor will also address a press conference at 12:00 noon on Wednesday. The press conference can be watched here.
How to Watch RBI Monetary Policy Decisions LIVE
YouTube: You can watch the LIVE address of RBI governor on YouTube in the link below given link.
https://www.youtube.com/@reservebankofindia593/videos
Facebook: The address will be simultaneously streamed on the Reserve Bank of India’s Facebook page.
Twitter: RBI Governor Shaktikanta Das’ address to the country will also be streamed on the Central Bank’s official Twitter handle @RBI.
After the MPC meeting in August 2023, the RBI has maintained its pause on the rate hike cycle, which stayed with the 6.5% repo rate from April 2023.
Prior to that, the central bank had cumulatively hiked the repo rate by 250 basis points since May 2022 in a bid to contain inflation.
The government has mandated the RBI to ensure CPI inflation at 4% with a margin of 2% on either side.
The RBI’s Monetary Policy Committee was recently reconstituted with three new appointed external members.
It is widely anticipated that the MPC will keep interest rate unchanged despite change in composition of external members. This would be tenth time in a row when the Reserve Bank of India (RBI) will maintain status quo as far as policy rate is concerned. The MPC last revised interest rate in February 2023, when it was hiked to 6.5 per cent.
Apart from the chairman (who is RBI Governor Shaktikanta Das), the other internal members are RBI Deputy Governor in charge of monetary policy Michael Debabrata Patra and Executive Director monetary policy department of RBI Rajiv Ranjan.
On October 1, the government appointed Ram Singh (director of the prestigious Delhi School of Economics), Saugata Bhattacharya (who was chief economist and executive vice president at Axis Bank) and Nagesh Kumar (Director and Chief Executive of the Institute for Studies in Industrial Development) as external members to the MPC.
