RBI's MPC begins deliberations on monetary policy, decisions on Aug 6

The central bank has been taking steps proactively to limit the damage to the economy caused by the pandemic and lockdown

The RBI's MPC on Tuesday started its three-day brainstorming on the bi-monthly monetary policy amid the urgency to revive the economy hit by Covid-19 and increased demand for loan restructuring by industry.

The six-member Monetary Policy Committee (MPC) headed by the RBI Governor is scheduled to announce its decision on August 6. This is the 24th meeting of MPC.

It is to be noted here that the fast-changing macroeconomic environment and the deteriorating outlook for growth necessitated off-cycle meetings of MPC first in March and then again in May 2020.

MPC has cumulatively cut the repo rate by 115 basis