RBI MPC Today: The meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is going to start from Wednesday (April 3). This meeting will last for two days and its decision will be announced by RBI Governor Shaktikanta Das on April 5. This will be the first monetary policy of the new financial year 2024-25.
RBI MPC meets at an interval of every two months. In this meeting, the decision is taken on the basis of GDP growth and inflation figures. RBI MPC consists of six members. In this, decisions regarding interest rates and other financial needs are taken on the basis of majority.
Will interest rates decrease?
Most of the market analysts and economists believe that RBI has been able to keep the interest rates unchanged in the MPC meeting to be held from April 3 to April 5. The reason for this is the high levels of crude oil and global economic challenges.
VK Vijayakumar, chief investment strategist at Geojit Financial Services, said the MPC is unlikely to reduce interest rates on April 5. At present, the Indian economy has become strong and the GDP is growing at the rate of 7.6 percent. This is more than the initial estimate.
Interest rates may reduce in the third quarter
In a report issued by SBI Research regarding RBI MPC, it was said that in April, RBI can continue the ‘withdrawal of accommodation’ regarding monetary policy. The first interest rate cut may be seen in the third quarter of the current financial year. Let us tell you, at present the repo rate remains at 6.5 percent. The last change in interest rates was made in February 2023.
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