August8 , 2022

rbi monetary policy: RBI reschedules MPC’s next meet to August 3-5

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The Reserve Bank of India on Thursday announced that the next meeting of the Monetary Policy Committee has been rescheduled to be held between August 3-5 due to some administrative exigencies.

The MPC was originally scheduled to meet between August 2-4.

The RBI so far in this financial year has raised the key policy rate by 90 basis points in May and June to 4.9% to tame high inflation, mainly due to supply disruptions on account of the ongoing Russia-Ukraine war.

In its previous bi-monthly monetary policy review, it had raised the benchmark repo rate — at which it lends short-term money to banks — by a sharp 0.50 per cent to 4.90 per cent to rein in spiralling prices. It followed an off-cycle meeting on May 4, when the central bank hiked the repo rate by 0.40 per cent.

The RBI had also raised the inflation projection to 6.7 per cent for the current fiscal year from its earlier forecast of 5.7 per cent.

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