The meeting of the Monetary Policy Committee (MPC) chaired by Reserve Bank of India (RBI) Governor Shaktikanta Das has started today and its results will be announced on October 8. The monetary policy committee of the central bank meets every two months. In this meeting, the reforms in the economy are discussed as well as interest rates are decided. Experts believe that amid fears of a third wave of Covid-19 and rising inflation, the central may maintain the policy interest rate at the current level in the bi-monthly review to be announced on Friday.
Experts claim – pressure on the central bank to keep inflation under control
Morgan Stanley says that while keeping interest rates unchanged, RBI will continue its soft stance in the upcoming meeting. In the current financial year, consumer price index-based inflation will be around five percent. SBI Chairman Dinesh Khara had recently predicted the interest rates to remain unchanged.
Interest rates are expected to remain stable for the eighth time in a row
The six-member Monetary Policy Committee headed by Central Bank Governor Shaktikanta Das decides on policy rates. In the last meeting held on August 8, the central bank had retained the repo rate for the seventh time in a row at four percent. That is, customers did not get relief on EMI or loan interest rates. The Marginal Standing Facility (MSF) rate is also stable at 4.25 percent. The reverse repo rate was also kept constant at 3.35 percent. Along with this, it was decided not to make any change in the bank rate. It is at 4.25 percent.
On the other hand, Deloitte India economist Rumki Mazumdar said the RBI is under pressure to change its stance as inflation is rising due to monetary policy in some industrialized countries.
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