The Reserve Bank of India (RBI) is likely to hold the next Monetary Policy Committee (MPC) review meeting in April.
The committee is responsible to fix the benchmark interest rate that governs the other interest rates in India.
Next RBI MPC Meeting Date April 2023
The Monetary Policy Committee (MPC) meeting is likely to be held between April 3-6.
The MPC consists of three RBI officials and three external members appointed by the central government.
RBI MPC members
The external members are Shashanka Bhide (Honorary Senior Advisor, National Council of Applied Economic Research, Delhi); Ashima Goyal (Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai); and Jayanth R Varma (Professor, Indian Institute of Management, Ahmedabad), as per PTI report.
Apart from the Governor, the RBI officials on the panel are Rajiv Ranjan (Executive Director) and Michael Debabrata Patra (Deputy Governor).
RBI MPC February meeting outcome
The Reserve Bank hiked key benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation in February 2023. This was RBI’s sixth consecutive hike since May last year, which took the total quantum of hike to 250 basis points.
Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said “the Monetary Policy Committee (MPC) by a majority decided to raise the policy repo rate by 25 basis points and keep a ‘strong vigil’ on inflation outlook.”
He noted that the inflation will moderate in the next fiscal but remain above the 4 per cent level. The RBI is mandated to keep inflation at 4 per cent with a margin of 2 per cent on either side.
For the next fiscal, the RBI projected a growth rate of 6.4 per cent. In the latest Economic Survey of the finance ministry, growth projection was 6-6.8 per cent for 2023-24.
