RBI releases MPC schedule for FY25, first meeting to be held from April 3-5; check details

  • RBI will conduct the first monetary policy meeting of the new fiscal 2024-25 from April 3-5, 2024.

Nikita Prasad
First Published27 Mar 2024
RBI's first FY25 MPC meeting to be held from April 3-5, 2024. Photo: Aniruddha Chowdhury/Mint
RBI’s first FY25 MPC meeting to be held from April 3-5, 2024. Photo: Aniruddha Chowdhury/Mint

The Reserve Bank of India (RBI) released its monetary policy committee (MPC) schedule for the upcoming financial year 2024-25 (FY25)- starting from April 1, 2024. The central bank in its schedule highlighted that the first policy meeting for FY25 will be conducted from April 3-5, 2024. 

The RBI's rate-setting panel will then meet for its following policy meetings in June, August, October, December and February 2025. The last MPC meeting for FY25 will be from February 5-7, 2024.

Here are the dates of the RBI's MPC meetings to be held in FY25:

--April 3-5, 2024

--June 5-7, 2024

--August 6-8, 2024

--October 7-9, 2024

--December 4-6, 2024

--February 5-7, 2025.

Also Read: RBI MPC Minutes: Job on inflation front not over, ‘last mile’ of disinflation can be sticky; 5 key highlights

RBI MPC February 2024 Meeting

The central bank's last MPC meeting for fiscal 2023-24 was conducted from February 6-8, 2024. The RBI at its last bi-monthly meeting on February 8 decided to keep the benchmark interest rate (repo rate) unchanged at 6.5 per cent for the sixth straight meeting, citing inflationary concerns. 

Five members including Dr. Michael Debabrata, Shashanka Bhide, Ashima Goyal, and Rajiv Ranjan voted for status quo on the policy rate for the sixth consecutive time, while Jayanth R Varma voted to reduce the policy repo rate by 25 basis points.

The retail inflation is projected at 5.4 per cent for 2023-24 with Q4 at 5.0 per cent. Assuming a normal monsoon next year, CPI inflation for 2024-25 is projected at 4.5 per cent with Q1 at 5.0 per cent; Q2 at 4.0 per cent; Q3 at 4.6 per cent; and Q4 at 4.7 per cent, according to the central bank.

With the RBI's last announcement, while the Fixed Reverse Repo Rate has been at 3.75 per cent, the bank rate is 6.75 per cent, the marginal standing facility (MSF) rate is 6.25 per cent, and the standing deposit facility rate is at 6.25 per cent. 

The MPC also decided by a majority five out of six members, to remain focused on withdrawal of accommodation to ensure the inflation progressively aligns with the target while supporting growth. Monetary policy must continue to be actively disinflationary, RBI Governor Shaktikanta Das said in his statement.

 

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