RBI MPC Meet Highlights | GDP growth expected to be about 6.7%; food inflation expected to soften, says GovernorThis blog is now closed. New RBI Governor Sanjay Malhotra, chaired his first Monetary Policy Committee (MPC) meeting and announced the decision of the six-member panel on Friday morning. Aligning with widespread expectations, the Governor announced 25 basis points reduction in interest rate after a gap of nearly five years. The MPC unanimously decided to slash policy rate by 25 basis points to 6.25%. The Reserve Bank of India (RBI) had last reduced the repo rate by 40 basis points to 4% in May 2020 to help the economy tide over the crisis following the outbreak of the Covid pandemic and subsequent lockdown. But in May 2022 the central bank started a rate hike cycle in view of the Russia-Ukraine war and paused it only in May 2023. That is all from the MPC Meet, track DH for latest news updates.
Reserve Bank of India (RBI) Governor Sanjay Malhotra poses for a picture as he returns after a press conference in Mumbai.
Credit: Reuters File Photo
New RBI guv Malhotra to announce rate decision today; 25-bps reduction expected
New RBI Governor Sanjay Malhotra, who is chairing his first Monetary Policy Committee (MPCC) meeting, will announce the decision of the six-member panel on Friday morning, amid widespread expectations of 25 basis points reduction in interest rate after a gap of nearly five years.
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The Reserve Bank of India (RBI) had last reduced the repo rate by 40 basis points to 4 per cent in May 2020 to help the economy tide over the crisis following the outbreak of the Covid pandemic and subsequent lockdown.
But in May 2022 the central bank started a rate hike cycle in view of the Russia-Ukraine war and paused it only in May 2023.
The three-day meeting of the MPC started on Wednesday and is going to conclude today.
According to an SBI research report, a 25-basis point reduction in interest rate is expected in the upcoming policy.
Bajaj Broking Research said the RBI is likely to cut repo rate by 25 basis points for the first time in almost five years after domestic rate-setting panel has kept the policy repo rate unchanged for the last 11 consecutive meetings after raising it 250 bps between May 2022 and February 2023.
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