The Reserve Bank of India (RBI) has disclosed its Monetary Policy Committee (MPC) schedule for the financial year 2024-25 (FY25), commencing from April 1, 2024. According to the central bank's announcement, the inaugural policy meeting for FY25 will take place from April 3-5, 2024.
Subsequent to this, the RBI's rate-setting panel will convene for its following policy sessions in June, August, October, December, and February 2025. The final MPC gathering for FY25 is slated for February 5-7, 2024.
Outlined below are the dates for the RBI's MPC meetings scheduled for FY25:
- April 3-5, 2024
- June 5-7, 2024
- August 6-8, 2024
- October 7-9, 2024
- December 4-6, 2024
- February 5-7, 2025
Latest MPC outcome
The RBI's most recent MPC meeting for fiscal 2023-24 occurred from February 6-8, 2024. During this bi-monthly session held on February 8, the RBI resolved to maintain the benchmark interest rate (repo rate) at 6.5 per cent for the sixth consecutive meeting, citing concerns regarding inflation.
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The forthcoming session of the Monetary Policy Committee, led by RBI Governor Shaktikanta Das, is scheduled for April 3-5. The decision arising from this session is slated to be disclosed on April 5 (Friday). This event marks the inaugural bi-monthly monetary policy meeting of fiscal 2024-25. A total of six MPC meetings are scheduled for the fiscal year, commencing April 1, 2024.
Analysts estimate
Experts forecast that the central bank may opt to retain the key interest rate unchanged in April, with a probable emphasis on curbing inflation to attain the 4 per cent target, following alleviated concerns regarding economic growth, with GDP growth estimated at nearly 8 per cent.
Furthermore, the central bank’s rate-setting panel might draw insights from the monetary policies of major economies such as the US and UK, both of which are seemingly adopting a cautious approach regarding interest rate adjustments. Switzerland has recently become the first major economy to enact interest rate cuts, while Japan, the world's third-largest economy, has terminated its eight-year period of negative interest rates regime.