RBI MPC Meet Live Updates: Governor Shaktikanta Das announces MPC decision to hold repo rate steady at 6.5% (File Image)
RBI MPC Meet Today Highlights: The Reserve Bank of India (RBI) announced its decision on short-term lending rate, or repo rate on Friday (April 5) and kept it unchanged at 6.5 per cent. Governor Shaktikanta Das, who heads the six-member Monetary Policy Committee (MPC), addressed the post policy presser later today.
“The Monetary Policy Committee (MPC) met on 3rd, 4th and 5th April 2024. After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, it decided by a 5 to 1 majority to keep the policy repo rate unchanged at 6.50 per cent,” Governor Das in his address.
The MPC panel will next meet on June 5-7, 2024, a week before the US Federal Reserve’s FOMC meet. Analysts’ expect rate continuation decision in June as well.
Earlier, analysts’ expected India’s central bank to leave the rate unchanged at 6.5 per cent and continue its ‘withdrawal of accommodation’ stance as it maintains a cautious stance on rate adjustments like its peers in advanced economies. India’s central bank has kept the rate unchanged after it, for the last time, indulged in a rate hike cycle in February 2023.
Many analysts believe that RBI is unlikely to cut the repo rate in near future as well unless the 4 per cent target for inflation is achieved on a durable basis. India’s Reserve Bank has been mandated to keep the inflation rate within the target range of 2-6 per cent.
Meanwhile, Indian benchmark indices opened flat ahead of RBI MPC policy outcome today. BSE Sensex inched 0.08 per cent up while Nifty slipped 0.13 per cent. The indices continue to trade flat.
Live Blog
RBI repo rate announcement: The central bank has decided to keep the repo rate – the main policy rate -- unchanged at 6.5 per cent.
15:56 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Stand by RBI's focus on price stability, says Assocham Secretary General
RBI MPC 2024 Live Updates: "We stand by RBI's commitment for 'unwavering focus on price stability' to ringfence the economy from global headwinds, including geo-political situation and the resultant supply chain disruptions," Assocham Secretary General Deepak Sood said.
The central bank has successfully shielded the economy from global uncertainties over the past few years, he added. President of industry body PHDCCI Sanjeev Agrawal also said the RBI's decision on its policy rates will propel economic activity and boost economic growth.
15:17 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Growth-inflation dynamics have played out favourably since last policy decision, says Governor Das
RBI MPC 2024 Live Updates: "I shall now briefly set out the rationale for these decisions. Since the last policy, the growth-inflation dynamics have played out favourably. Growth has continued to sustain its momentum surpassing all projections. Headline inflation has eased to 5.1 per cent during January and February 2024 from 5.7 per cent in December 2023, with core inflation declining steadily over the past nine months to its lowest level in the series. Fuel component of the CPI remained in deflation for six consecutive months. Food inflation pressures, however, accentuated in February," Governor Shaktikanta Das said.
14:58 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Food price uncertainties continue to weigh on the inflation trajectory, says Governor Das
RBI MPC 2024 Live Updates: Referring to inflation, RBI Governor Shaktikanta Das said food price uncertainties continue to weigh on the inflation trajectory going forward.
"Wheat harvesting is by and large over... wheat availability will not be affected as much as it did 2 years ago, when there were heatwave conditions starting from March. So, in wheat there is not so much concern. But vegetable prices will have to be watched and any other impact that heat wave conditions may produce," Das said at a post policy press briefing.
14:38 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Indian rupee exhibited the lowest volatility in 2023-24, says Governor Das
RBI MPC 2024 Live Updates: "The Indian rupee (INR) has remained largely range-bound as compared to both its emerging market peers and a few advanced economies during 2023-24. The INR was the most stable among major currencies during this period," Governor Das said.
"As compared to the previous three years, the INR exhibited the lowest volatility in 2023-24. The relative stability of the INR reflects India’s sound macroeconomic fundamentals, financial stability and improvements in the external position," he said.
14:31 (IST)05 Apr 2024
RBI MPC Meet Live Updates: RBI proposes to launch mobile app for accessing Retail Direct portal, says Governor Das
RBI MPC 2024 Live Updates: "The RBI Retail Direct Scheme was launched in November 2021. It is now proposed to launch a mobile app for accessing the Retail Direct portal. This will be of greater convenience to retail investors and deepen the G-sec market," Governor Das said.
13:52 (IST)05 Apr 2024
RBI MPC Meet Live Updates: RBI's approach could be beneficial for home loan borrowers, says analyst
RBI MPC 2024 Live Updates: "In my view, with inflation still above the tolerable threshold and growth remaining strong, the RBI maintained the status quo on the repo rate. This prudent approach could be beneficial for home loan borrowers, as any increase in rates might have made loans more expensive," says Anuj Sharma, Chief Operations Officer, IMGC.
"However, it will be interesting to see if the central bank shifts its focus from inflation to growth stimulation. Such a move could potentially lower home loan rates, provide relief to borrowers, and stimulate the housing market. A balance between controlling inflation and supporting growth will be key. Home loan borrowers and the real estate sector are hopeful for positive news that will make housing more affordable and boost the economy at large. On the other hand, the RBI's focus on the general economy will likely continue to prioritize inflation control while augmenting growth."
13:36 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Sensex, Nifty off lows
RBI MPC 2024 Live Updates: Sensex is trading 2.76 points, or 0.01 per cent lower at 74,211.54 while Nifty is trading 16.00, or 0.08 per cent lower at 22,497.80.
Among sectoral indices, Auto, IT, Infra, Commodities, Energy remain key laggards while Pharma, FMCG, Metal, Realty remain top gainers.
13:12 (IST)05 Apr 2024
RBI MPC Meet Live Updates: RBI Governor's commentary on Indian economy
RBI MPC 2024 Live Updates: The Reserve Bank of India (RBI) retained the GDP growth projection at 7 per cent for FY2024-25 on the back of expectations of a normal monsoon, moderating inflationary pressures, and sustained momentum in the manufacturing and services sector.
The headwinds from protracted geopolitical tensions and increasing disruptions in trade routes, however, pose risks to the outlook, Reserve Bank Governor Shaktikanta Das said.
Governor Das added that the outlook for agriculture and rural activity appears bright.
13:05 (IST)05 Apr 2024
RBI MPC Meet Live Updates: RBI Governor concludes his post-policy presser
RBI MPC 2024 Live Updates: The Reserve Bank of India (RBI) Governor has concluded his post-MPC decision presser. The governor answered questions on a host of issues, from the central bank's outlook on agricultural production to key global headwinds to the issue of electoral bonds.
12:57 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Deposit of cash in CDMs using UPI is proposed now, says Governor Das in his MPC address
RBI MPC 2024 Live Updates: "Deposit of cash through Cash Deposit Machines (CDMs) is primarily being done through the use of debit cards. Given the experience gained from card-less cash withdrawal using UPI at the ATMs, it is now proposed to also facilitate the deposit of cash in CDMs using UPI. This measure will further enhance customer convenience and make the currency handling process at banks more efficient," Governor Das said.
12:34 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Last mile disinflation is always challenging and sticky, says Governor Das at the presser
RBI MPC 2024 Live Updates: Governor Shaktikanta Das said that the last mile disinflation is always challenging. The central bank provided its inflation estimates for FY25 at 4.5 per cent, which is again above the target limit of 4 per cent.
12:26 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Crucial to keep watch on impact of high temperatures on crops, says Governor
RBI MPC 2024 Live Updates: "Crucial to keep a watch on the impact of high temperatures on crops as IMD has stated that the temperature is are to be above normal in April-June, says RBI Governor in the post-policy presser
12:10 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Governor Das lists out 5 key takeaways of MPC decision
RBI MPC 2024 Live Updates: Governor Das is now takingh question from the press. He listed out key takeaways of the decision announcement.
> Inflation is moderating and GDP growth is robust
> MPC remains focused in aligning inflation to the target on a durable basis; the task is not yet finished
> The financial sector continues to remain stable
> External sector also continues to be resilient
> As we move towards RBI@100, the RBIU will continue to focus on financial stability and promoting a financial sector payment system that is robust, resilient and future ready
11:47 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Governor Das to hold press meet soon
RBI MPC 2024 Live Updates: RBI Governor Shaktikanta Das is all set to address the post-policy decision press meet.
The governor will address the questions on RBI's latest monetary decision and the questions on recent macroeconomic and financial developments.
11:39 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Proposed use of third-party UPI apps for making payments from PPI wallets, says Governor Das
RBI MPC 2024 Live Updates: "At present, UPI payments from Prepaid Payment Instruments (PPIs) can be made only by using the web or mobile app provided by the PPI issuer. It is now proposed to permit the use of third-party UPI apps for making UPI payments from PPI wallets. This will further enhance customer convenience and boost adoption of digital payments for small value transactions," Governor Shaktikanta Das said.
11:33 (IST)05 Apr 2024
RBI MPC Meet Live Updates: RBI proposes to make CBDC retail accessible, says Governor Das
RBI MPC 2024 Live Updates: Governor Das said that the CBDC pilot project is currently in operation with an increasing number of use cases and participating banks. The central bank has proposed to make CBDC Retail accessible by enabling non-bank payment system operators to offer CBDC wallets.
This will also facilitate testing of the resiliency of CBDC platform to handle multi-channel transactions, Governor Das added.
11:26 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Governor Das on RBI's outlook on India's agricultural sector
RBI MPC 2024 Live Updates: "Going forward, the outlook for agriculture and rural activity appears bright, with good rabi wheat crop and improved prospects of kharif crops, due to expected normal south-west monsoon.18 Strengthening of rural demand, improving employment conditions and informal sector activity, 19 moderating inflationary pressures and sustained momentum in manufacturing and services sector should boost private consumption."
11:15 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Debt to GDP ratios remain elevated, says Governor Das.
RBI MPC 2024 Live Updates: RBI Governor Shaktikanta Das, during his address, said that Debt GDP ratios, which rose during the pandemic, remain elevated and are projected to increase further due to rising interest burden and cost of borrowing, thus raising debt sustainability concerns.
"Worsening debt situation in advanced economies (AEs) can generate spillovers for EMEs in the form of swings in capital flows and volatility in financial markets."
11:08 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Why RBI has kept policy rates unchanged | Explained
RBI MPC 2024 Live Updates: The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate — the main policy rate — unchanged at 6.5 per cent and maintain the policy stance of ‘withdrawal of accommodation’ in the monetary policy.
Both the decisions were taken in a majority 5:1 voting by the six-member MPC, headed behind RBI Governor Shaktikanta Das.
Read this The Indian Express explainer to understand the reason by RBI's continued monetary stance.
10:59 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Here's what Governor Das said on MPC's decision
RBI MPC 2024 Live Updates: “The Monetary Policy Committee (MPC) met on 3rd, 4th and 5th April 2024. After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, it decided by a 5 to 1 majority to keep the policy repo rate unchanged at 6.50 per cent,” Governor Das in his address.
“Consequently, the standing deposit facility (SDF) rate remains at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent. The MPC also decided by a majority of 5 out of 6 members to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.”
10:51 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Sensex, Nifty continues to trade with minor cuts
RBI MPC 2024 Live Updates: Indian benchmark indices continue to trade in red territory. Sensex is trading 78.68 points, or 0.11 per cent lower at 74,146.51 while Nifty is trading 23.55 points, or 0.10 per cent lower at 22,493.40.
10:42 (IST)05 Apr 2024
RBI MPC Meet Live Updates: A stable repo rate signals consistency in interest rates for borrowers, says analyst
RBI MPC 2024 Live Updates: "This decision also has implications for banks and financial institutions, particularly concerning lending rates like home loan interest rates, which are linked to the RBI’s repo rate. A stable repo rate signals consistency in interest rates for borrowers, providing assurance to homebuyers regarding steady loan interest rates, beneficial for both new loans and existing ones with floating rates. Stable interest rates not only enhance affordability for potential homebuyers but also foster consumer confidence, thereby sustaining demand in the real estate market," says Adhil Shetty, CEO, Bankbazaar.com.
10:40 (IST)05 Apr 2024
RBI MPC Meet Live Updates: RBI shares inflation forecasts for FY25
RBI MPC 2024 Live Updates: The RBI has projected a retail inflation of 4.5 per cent in fiscal 2024-25. It has projected an inflation of 4.9 per cent in Q1, 3.8 per cent in Q2, 4.6 per cent in Q3 and 4.5 per cent in Q4 of FY25.
10:36 (IST)05 Apr 2024
RBI MPC Meet Live Updates: FY25 Real GDP growth projected at 7%, says Governor Shaktikanta Das
RBI MPC 2024 Live Updates: Here's the GDP growth targets, as announced by Governor Das while announcing MPC's decision.
> Q1FY25 GDP growth target at 7.1% vs 7.2% earlier
> Q2FY25 GDP growth target at 6.9% from 6.8% earlier
> Q4FY25 GDP growth target at 7% vs 6.9% earlier
10:33 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Macroeconomic environment is favorable, outlook for growth and inflation has improved, says analyst
RBI MPC 2024 Live Updates: "On expected lines, the Reserve Bank of India (RBI) has yet again refrained from tinkering with the policy rate in view of the evolving growth-inflation dynamics and remaining focussed on ensuring sustainable growth for the Indian economy," says Swati Saxena, Founder-CEO, 4 Thoughts Finance
"The macroeconomic environment is favorable and the outlook for growth and inflation has improved. The industry overall want policy stability and predictability above all else and a consistent maintenance of the repo rate indicates that the RBI is content with the existing level of interest rates. This climate will bring in greater amount of investment into the market and liquidity will improve, thus creating greater confidence in investors."
10:31 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Urban demand remains buoyant, says Governor Das
RBI MPC 2024 Live Updates: ‘With rural demand catching up, consumption is expected to support growth in FY25,' said Governor Das.
He added that urban consumption in India remains buoyant.
10:27 (IST)05 Apr 2024
RBI MPC Meet Live Updates: RBI maintains ‘withdrawl of accomodation’ stance
RBI MPC 2024 Live Updates: In line with analysts’ expectations, the RBI has maintained a ‘withdrawl of accomodation’ stance. However, some analysts did expect RBI to change its stance at neutral.
10:23 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Expects CPI inflation for FY25 at 4.5 percent, says RBI
RBI MPC 2024 Live Updates: RBI expects CPI inflation for FY25 at 4.5 percent, says Governor Shaktikanta Das.
10:16 (IST)05 Apr 2024
RBI MPC Meet Live Updates: RBI MPC has decided by majority 5:1 to keep policy rates unchanged, says Governor Das
RBI MPC 2024 Live Updates: RBI MPC has decided by majority 5:1 to keep policy rates unchanged, Governor Shaktikanta Das announced on Friday (April 5). He also that core inflation has declined steadily.
10:10 (IST)05 Apr 2024
RBI MPC Meet Live Updates: RBI has kept MSF & Bank rates unchanged at 6.75%
RBI MPC 2024 Live Updates: The Reserve Bank of India (RBI) Governor also announced MSF & Bank rates to continue to be at 6.75%.
10:05 (IST)05 Apr 2024
RBI MPC Meet Live Updates: RBI has kept policy rate unchanged at 6.5%
RBI MPC 2024 Live Updates: The Reserve Bank of India (RBI) Governor has kept policy rate unchanged at 6.5 per cent.
09:55 (IST)05 Apr 2024
RBI MPC Meet Live Updates: RBI Governor to announce MPC decision soon
RBI MPC 2024 Live Updates: RBI Governor Shaktikanta Das will announce the six-member Monetary Policy Committee (MPC) at 10 am today after 3 days of deliberation ends.
09:44 (IST)05 Apr 2024
RBI MPC Meet Live Updates: What cues from US ad Japan tell us?
RBI MPC 2024 Live Updates: The US Federal Reserve decided to hold its interest rate steady at a range between 5.25% and 5.2% while the Bank of Japan (BoJ) raised its rate for the first time since 2007. Japan's central bank has ended an eight-year negative interest rate regime.
09:35 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Calendar for next MPC meet
RBI MPC 2024 Live Updates: The meeting of RBI's six-member panel are expected as follows:
> June 5-7, 2024
> August 6-8, 2024
> October 7-9, 2024
> December 4-6, 2024
> February 5-7, 2025.
09:27 (IST)05 Apr 2024
RBI MPC Meet Live Updates: When to expect RBI to begin rate cut cycle?
RBI MPC 2024 Live Updates: Most analysts believe RBI to indulge in a rate cut cycle later this year or in the early months of next year.
The Goldman Sachs report forecasts a 25-bp cut each in the third and fourth quarter for the 2024 calendar year.
Earlier, Federal Reserve Chair Jerome Powell had said that the US central bank may cut interest rates after June. Other central banks are likely to follow cues.
09:19 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Market pens flat ahead of RBI policy meet outcome
RBI MPC 2024 Live Updates: Indian equity benchmark Sensex and Nifty opened lower on Friday, April 5, ahead of RBI's MPC decision outcome.
BSE Sensex opened 59.39, or 0.08 per cent up at 74,287.00 while Nifty opened 28.30 points, 0.13 per cent lower at 22,486.40.
09:07 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Here's what Deutsche Bank's analyst believe on RBI's MPC meet outcome
RBI MPC 2024 Live Updates: “Both repo rate and stance (are) likely to remain unchanged under base case scenario; but can’t rule out the possibility of a change of stance to neutral, given past evidence of the central bank surprising with its decision, particularly in April,” said Kaushik Das, Chief Economist, India & South Asia, Deutsche Bank.
08:59 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Nirmala Sitharaman expects Q4 GDP to expand by 8%
RBI MPC 2024 Live Updates: India's Finance Minister Nirmala Sitharaman expects Q4 (January-March 2024) GDP growth to be 8 per cent or above 8 per cent. If this happens, it will push FY24 GDP growth to an average of 8 per cent or more. The economy expanded by 8.2 per cent in Q1, 8.1 per cent in Q2, and 8.4 per cent in Q3 of the Financial Year 2023-24..
08:52 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Expect RBI to take comfort from declining core inflation, says Goldman Sachs report
RBI MPC 2024 Live Updates: “We expect the RBI to take comfort from declining core inflation, slightly soften its hawkish forward guidance, but remain cautious given upside risks to food inflation from weather shocks, and repricing of the Fed funds rate easing path,” said a Goldman Sachs report.
08:44 (IST)05 Apr 2024
RBI MPC Meet Live Updates: Analysts' expect RBI to keep rates unchanged
RBI MPC 2024 Live Updates: Analysts are expecting RBI to continue its 'withdrawal of accommodation' stance as it maintains a cautious stance on rate adjustments like its peers in advanced economies.RBI has kept the repo rate unchanged since April 2023. It last engaged in the rate hike cycle in February 2023.
