The Reserve Bank of India (RBI) is expected to maintain the current benchmark interest rate during its upcoming Monetary Policy Committee (MPC) meeting. Chaired by Governor Shaktikanta Das, the meeting will start on August 6, with the interest rate decision to be announced on August 8. Since the repo rate was last increased to 6.5% in February 2023, it has remained unchanged in the subsequent eight bi-monthly meetings. If the RBI decides to keep rates steady again, it will mark the ninth consecutive time the benchmark rate remains unchanged.
Governor Shaktikanta Das will announce the MPC’s decision on August 8 at around 10 AM.
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The RBI faces the challenge of deciding on interest rates amid ongoing inflation concerns, particularly food inflation. Retail inflation increased to 5.08% year-on-year in June, up from a 12-month low of 4.75% in May, primarily due to rising food prices that cost nearly 40% of the consumer price basket. Since March, CPI-based inflation has stayed below 5% and under 6% since September, remaining within the RBI's 2-6% tolerance range for the past ten months.
The six-member Monetary Policy Committee (MPC), led by the RBI Governor, voted 4-2 to maintain the benchmark repo rate at 6.5% for the eighth consecutive time. The committee also decided to persist with its stance of ‘withdrawal of accommodation’. The RBI has revised its GDP growth forecast for FY25 to 7.2%, up from the previous estimate of 7%. The inflation forecast for FY25 remains unchanged at 4.5%.
The Reserve Bank of India (RBI) has scheduled its future Monetary Policy Committee (MPC) meetings for October 7-9, December 4-6, and February 5-7, 2025.
