New Delhi: Reserve Bank of India governor Shaktikanta Das is set to announce the decisions taken by the central bank during its Monetary Policy Committee (MPC) meeting on Friday. RBI governor will announce the key decisions taken by the central bank on revised economic projections and the interest rate trajectory. The MPC meeting started on September 27 and will conclude today. The press conference will start at 10 am.
In the last three monetary policy reviews since May this year, the RBI’s rate-setting panel has raised 140 basis points in total. At present, the repo rate stands at 5. 4 per cent.
Here is How to Watch RBI Monetary Policy Decisions LIVE Today
The Reserve Bank of India tweeted explaining where and how to watch RBI MPC meet live. “Watch out for the Monetary Policy statement of the RBI Governor @DasShaktikanta at 10:00 AM on Sept 30, 2022,” the tweet said.
YouTube: You can watch the LIVE address of RBI governor Shaktikanta Das on YouTube in the given link.
Facebook: The address will be simultaneously streamed on Reserve Bank of India’s Facebook page.
Twitter: RBI Governor Shaktikanta Das’ address to the country will also be streamed on the Central Bank’s official Twitter handle @RBI. Das will also address a press conference post announcement at 12 pm. One can watch it live on YouTube at https://youtu.be/rhvk3V6zZV0
What to expect from the RBI MPC review?
There are expectations of yet another rate hike of 50 basis points to tame inflation, in line with similar actions taken by other major central banks, including the US Fed.
The RBI, based on the recommendations of the MPC, had hiked 50 basis points in repo rate each in June and August after raising the short-term lending rate by 40 basis points in an off-cycle decision in May.
The central bank, which has since May raised the repo rate by 140 basis points (bps), likely to go for another 50-bps increase, which will take the key rate to a three-year high of 5.9 per cent. Currently, the rate stands at 5.4 per cent.
Inflation remains above RBI's upper tolerance limit for the eighth month in a row. The consumer price index (CPI) based on retail inflation, which had started showing signs of moderation in May, has again firmed up to 7 per cent in August.
The RBI takes into account retail inflation while framing its bi-monthly monetary policy.
According to a report by the PTI, Bank of Baroda said the monetary policy this time will be more closely watched, given the recent developments in the forex market following the Fed raising rates last week. The RBI’s view on all issues will provide guidance to the market on repo rate, stance, growth and inflation projections, rupee, liquidity, and global view.
"In the upcoming credit policy of the RBI, which is scheduled on 30 September, we expect MPC to raise the repo rate by another 50 bps. We expect rates to increase up till 6-6.25 per cent," the report said.
The government has tasked the RBI to ensure the retail inflation remains at 4 per cent, with a margin of 2 per cent on either side.