RBI Monetary Policy Expectations
The Reserve Bank of India is expected to maintain the current benchmark interest rate during this Monetary Policy Committee meeting.
Only three of the 13 economists polled by Bloomberg expect the MPC to cut the repo rate by 25 basis points, with the remaining expecting a status quo for the tenth straight meeting. The benchmark lending rate is at 6.5%.
According to Soumya Kanti Ghosh, chief economic advisor at the State Bank of India, the first cut and change in stance is likely in December 2024 or February 2025,
However, Nomura stated that it expects the October meeting to mark the start of monetary policy inflection.
The last hike in the repo rate happened in February 2023 when it was increased to 6.5%, and since then, it has remained unchanged in the subsequent nine bi-monthly monetary policy reviews.
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RBI Monetary Policy Decision Today
The Monetary Policy Committee or MPC of the Reserve Bank of India chaired by Governor Shaktikanta Das began its 3-day MPC meeting on Monday, Oct. 7, to discuss the fourth bi-monthly monetary policy for the fiscal year 2024-25. Key areas of the decision making process included interest rates, inflation, growth outlook and oil prices.
Das will announce the decision of the six-member MPC at 10:00 a.m.
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