RBI MPC: When and where to watch policy announcement by Shaktikanta Das

RBI monetary policy: In April, the MPC had decided to pause the repo rate hike for the first time since May 2022

The Reserve Bank of India's (RBI) Governor Shaktikanta Das will announce the decision of the Monetary Policy Committee (MPC) on the repo rate today. The six-member rate-setting committee started its bi-monthly meeting to decide on the benchmark interest rate on June 6. According to experts, the central bank of India may keep the repo rate unchanged.

Between May 2022 and February this year, the repo rate has been hiked by 250 bps to 6.5 per cent. In April, the MPC decided to hit the pause button on rate hikes. RBI Governor Shaktikanta Das emphasised that it was a pause and not a pivot while retaining the possibility of further tightening.

 

The consumer price index-based (CPI) inflation – the main yardstick for monetary policymaking – in April declined to an 18-month low of 4.7 per cent year-on-year (YoY) (from 5.7 per cent YoY in March), well within the RBI's 2-6 per cent target band.

Explaining the decision of the last MPC announcement, Das had said, "Looking ahead, headline inflation is projected to moderate in 2023-24. The monetary policy actions taken since May 2022 are still working through the system. Accordingly, the MPC decided to keep the policy rate unchanged to assess the progress made so far, while closely monitoring the evolving inflation outlook. The MPC will not  hesitate to take further action as may be required in its future meetings."

RBI monetary policy: When and Where to watch Shaktikanta Das's address

RBI Governor Shaktikanta Das will announce the MPC's stance on inflation and repo rate at 10 AM on Thursday. The statement of Das's speech will then be available on the RBI's official website https://www.rbi.org.in/home.aspx.

Also, the live streaming of the address will be available on RBI's YouTube channel.