New Delhi: The RBI’s Monetary Policy Committee (MPC) will conclude its bi-monthly meeting which started on Wednesday, June 5, 2024 on Friday, June 7, 2024. RBI governor Shakitkanta Das is expected to announce a monetary policy along expected lines — no rate cut with an accommodative stance. All eyes will be on what Das has to say about the policy rate cut of 25 basis points introduced by the European Central Bank for the first time in five years.
This MPC will also be keenly watched since this is the first announcement that Das will make after the announcement of the 2024 Lok Sabha election result. All eyes will be on the inflation outlook for full-year FY25 as well as guidance on when the central bank thinks it will start cutting the repo rate which has remained unchanged at 6.5 per cent since February 8, 2023.
RBI MPC announcement: Timings and where to watch
RBI governor Shaktikanta Das will announce the monetary policy on June 7, 2024, at 10 am. The live broadcast can be watched on RBI’s official YouTube channel. The broadcast can also be watched on RBI’s official handle on social media platform X. After this, Das, accompanied by the 4 RBI deputy governors, will address a press conference at 12 pm, in which he will field questions related to the policy announcement and clarify on any additional announcements made in his speech.
Coming up:
Monetary Policy statement by #RBI Governor @DasShaktikanta
on June 07, 2024, at 10:00 am.
Watch live at: https://t.co/0yUZakOEyM
Post policy press conference telecast at 12:00 pm on the same day at https://t.co/NzKpjpoOGG#rbipolicy #rbigovernor #rbitoday… pic.twitter.com/GhV1FWI0Kg
— ReserveBankOfIndia (@RBI) June 6, 2024
RBI balance sheet, surplus and Pravaah portal
While the monetary policy announcement is the central bank’s flagship bimonthly event, the Reserve Bank of India remains active throughout the year, managing the money markets, policy implementation and protecting consumers’ interests. In the run up to the 2024 Lok Sabha election result, the RBI made 3 key announcements It shared the details of its balance sheet, whose size, according to basic calculations has swelled to more than double the size of Pakistan’s economy.
RBI’s board also decided to share a mammoth Rs 2.1 lakh crore surplus, the largest ever, with the Central government which will help it to cover some of its fiscal deficit. Lastly, RBI announced the PRAVAAH portal, a single window for regulated entities to apply for clearances and seek updates on their application.
It facilitates the application/ submission of 60 forms across RBI’s multiple departments. The Platform for Regulatory Application, Validation, and Authorization “is a significant step towards establishing a completely paperless mechanism,” said Asish Philip, Partner Bhusan Porwal, Principal Associate and Aastha Sahay, Associate at law firm Lakshmikumaran and Sridharan.
“Upon perusal of the various applications/forms that have been integrated in the PRAVAAH portal, it is evident that this move by RBI shall benefit the banking companies and non-banking financial companies at large,” they added.
RBI Monetary Policy June 2024: Reserve Bank of India governor Shaktikanta Das will deliver his monetary policy announcement speech on Friday, June 7, 2024, against the backdrop of the ECB’s decision to cut its policy rate and the 2024 Lok Sabha poll results. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
