RBI MPC meet: When and where to watch RBI Governor's address live
- RBI said the decision of the MPC will be announced on August 5
- It is likely to hike the repo rate by 35-50 basis points
- The announcements will be made by RBI Governor Shaktikanta Das on Friday
The RBI said the decision of the MPC will be announced on August 5 against the earlier schedule of August 4.
Also Read | Why RBI would be pushed to hike interest rates
“Due to administrative exigencies, it has been decided to reschedule the MPC meeting from August 2-4, 2022 to August 3-5, 2022,” RBI said in a statement. The announcement is being made under Section 45ZI (4) of the Reserve Bank of India Act, 1934, RBI Chief General Manager Yogesh Dayal said.
The RBI is likely to hike the repo rate by 35-50 basis points during its upcoming monetary policy meeting, according to most economists.
Also Read | RBI expected to hike interest rate by 35-50 bps
The announcements will be made by RBI Governor Shaktikanta Das on Friday, August 5, 2022. His address and post-policy conference will be aired live on RBI’s official YouTube channel.
Post policy press conference will be aired live on Youtube at 12:00 noon on the same day.
The Monetary Policy Committee meets once every two months. In the previous meeting held from June 6 to 8, the RBI MPC decided to raise the policy repo rate by 50 basis points to 4.9% and also raised the inflation projection for the current financial year to 6.7%.
The MPC announced the bi-monthly monetary policy after deliberations on the prevailing domestic and economic situations. The rate-setting panel, headed by RBI Governor Shaktikanta Das, has two representatives from the central bank and three external members.
The retail inflation based on Consumer Price Index (CPI), which RBI factors in while arriving at its monetary policy, is above 6% since January 2022. It was 7.01% in June. The central government has directed the RBI to ensure that inflation remains at 4% with a margin of 2% on either side.