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Business News/ News / India/  RBI releases Monetary Policy Committee schedule for FY24
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RBI releases Monetary Policy Committee schedule for FY24

The RBI's Monetary Policy Committee will meet six times in FY24.

Shaktikanta Das, governor of the Reserve Bank of India (RBI), speaks during a news conference at the Group of 20 (G-20) finance ministers and central bank governors meeting in Bengaluru, India, on Saturday, Feb. 25, 2023. Photographer: Samyukta Lakshmi/Bloomberg (Bloomberg)Premium
Shaktikanta Das, governor of the Reserve Bank of India (RBI), speaks during a news conference at the Group of 20 (G-20) finance ministers and central bank governors meeting in Bengaluru, India, on Saturday, Feb. 25, 2023. Photographer: Samyukta Lakshmi/Bloomberg (Bloomberg)

The Reserve Bank of India (RBI) has announced that its rate-setting panel, the Monetary Policy Committee (MPC), will meet six times in the next financial year (FY24). The first meeting of the MPC is scheduled to take place from April 3-6, followed by meetings in June, August, October, December, and February 2024.

The committee, which is chaired by the RBI Governor and comprises two representatives from the central bank and three external members, will deliberate on the prevailing domestic and economic situations during these meetings, which are held over three days.

The Indian government has tasked the RBI with keeping inflation at 4%, with a margin of 2% on either side. The RBI's central board recently reviewed the global and domestic economic situation, as well as the associated challenges, including the impact of current global geopolitical developments. The board also discussed the RBI's activities during the current accounting year 2022-23 and approved the budget for the accounting year 2023-24. The meeting was held in Hyderabad and was chaired by Governor Shaktikanta Das.

Also Read: RBI imposes monetary penalty of 30 lakh on Karur Vysya Bank

Despite global concerns over bank failures in the US and aggressive monetary tightening by the US Federal Reserve, the Bank of England, and the European Central Bank, policymakers and experts have stated that the Indian banking system is in good shape.

The meeting was attended by directors of the RBI's central board, including Satish K Marathe, Sachin Chaturvedi, Pankaj Ramanbhai Patel, and Ravindra H Dholakia. The meeting was also attended by RBI Deputy Governors Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, and T Rabi Sankar, as well as Economic Affairs Secretary Ajay Seth and Financial Services Secretary Vivek Joshi.

Also Read: RBI board reviews global, domestic economic situation

India's rate-setting committee has "enough valid reasons" to pause hikes when it meets next in April, as risks to economic growth become more acute in the aftermath of the global banking crisis, ICICI Securities Primary Dealership said on March 24.

Market participants and analysts broadly expect a rate hike of 25 basis points (bps) on April 6, when the MPC ends its three-day meeting.

(With agency inputs)

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Sounak Mukhopadhyay
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Published: 25 Mar 2023, 06:45 AM IST
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