RBI MPC LIVE: Original aim of Rs 2000 note withdrawal largely met, says Das

RBI policy: In the last bi-monthly announcement in August, the MPC decided to keep the benchmark repo rate unchanged at 6.5% for the third time in a row. Check all LIVE updates for today's MPC here

10:17 AM

CPI inflation projected at 5.4 per cent for FY24: Guv Das

Das said that for FY24, the CPI-based inflation forecast has been retained at 5.4 per cent. The forecast for Q2FY24 has been raised from 6.2 per cent to 6.4 per cent. For Q3FY24, the inflation projection has been reduced to 5.6 per cent from 5.7 per cent earlier. For Q4FY24, the projection has been retained at 5.2 per cent. 

 

For Q1FY25, the inflation projection has been maintained at 5.2 per cent.

10:15 AM

Inflation likely to ease in September: Guv Das

MPC will remain watchful of inflation and remains resolute to its commitment to align inflation to the targeted level, says RBI Guv Shaktikanta Das. He added that overall inflation outlook is clouded by uncertainty due to fall in kharif sowing, lower reservoir levels, volatile global food & energy prices. Recurring incidents of large food price shocks can impart generalisation & persistence to headline inflation.

10:12 AM

Macroeconomic stability, inclusive growth are fundamental principles underlying our progress: Guv Das

Macroeconomic stability and inclusive growth are the fundamental principles underlying our country's progress. The policy mix that we have pursued during recent years of multiple and unparalleled shocks has fostered macroeconomic & financial stability...The twin balance sheet stress that was encountered a decade ago has now been replaced by a twin balance sheet advantage with healthier balance sheets of both banks and corporates, says Governor Das

10:08 AM

MPC remains highly alert: Guv Das

MPC remains highly alert to take any measures to tackle changing scenarios: RBI Guv Shaktikanta Das

 

10:05 AM

Repo rate unchanged at 6.5%

MPC unanimously decided to keep the repo rate unchanged: RBI Guv Shaktikanta Das

 

10:03 AM

India is poised to become new growth engine of the world: Guv Das

India is poised to become new growth engine of the world: RBI Guv Shaktikanta Das

 

9:57 AM

MPC to begin shortly

RBI Governor Shaktikanta Das will begin his MPC address shortly.

9:31 AM

Global macroeconomic backdrop remains complicated: Chief Economist of Bandhan Bank Siddhartha Sanyal

Chief Economist of Bandhan Bank, Siddhartha Sanyal, said, "The global macroeconomic backdrop remains complicated with uncertainties around growth. This will prompt the MPC to stay watchful, with a likely guidance of rates to remain higher for longer.

 

8:57 AM

RBI expected to maintain a status quo on policy rates: CRISIL Chief Economist D Joshi

CRISIL Chief Economist D Joshi, said, I think that between the last MPC meeting in August and this time, inflation has gone up, growth remains strong while global factors have turned a little adverse in the sense that the US Federal Reserve is still aggressive in its stance, which has led to hardening of yields. In this situation, the central bank is expected to maintain a status quo on policy rates in the ensuing policy.

8:26 AM

RBI policy meeting: Any announcement related to Rs 2,000 bank notes will be watched closely

All eyes will be on any announcement related to Rs 2,000 bank notes. Last month, RBI extended the special drive to withdraw the bank notes from the system by another week, till October 7.

 

The central bank said that the public has returned Rs 3.42 trillion of the Rs 2,000 notes since May 19. These notes were either deposited or exchanged at bank branches till September 29, and represent 96 per cent of the outstanding currency in circulation.

 

The RBI also said that the Rs 2,000 notes shall continue to be legal tender even after October 7, but can be exchanged only at RBI offices. They cannot be deposited or exchanged at bank branches.

8:18 AM

RBI policy: Will withdrawal of accommodation continue?

During the last MPC announcement, Das said, "The MPC also decided by a majority of 5 out of 6 members to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth."

 

The RBI's stance in this policy announcement will be watched by markets and policymakers closely. 

8:12 AM

RBI policy: All eyes on MPC announcement by Shaktikanta Das today

RBI governor Shaktikanta Das is all set to announce the MPC decision on repo rate hike today. He will make the announcement at 10 am.