New Delhi: The Reserve Bank of India’s monetary policy committee meeting will start on June 5 to continue until June 7, 2024. This MPN meeting will hold added importance since it comes against the backdrop of the Lok Sabha poll results due on June 4, 2024. In its first meeting of the current fiscal in April, the RBI MPC decided to keep the repo rate unchanged at 6.50 per cent.
What will RBI MPC decide on June 7
The RBI MPC is unlikely to cut the repo rate this year before the October-December quarter, according to a Reuters poll. With the Indian economy recording 8.2 per cent growth in FY24, the RBI has room to relax on its rate cut decision. RBI is likely to err on the side of caution, Reuters reported, citing Bank of Baroda economist Aditi Gupta. She cited the domestic GDP and inflation dynamics to state that RBI is unlikely to precede the US Federal Reserve in terms of rate cuts.
33 out of 71 economists surveyed by Reuters expected a rate cut by Q4Fy25 to 6.25 per cent.
15 economists expected 6 per cent repo rate, while 5 economists forecast a 5.75 per cent interest rate.
18 economists forecast no change to the repo rate.
RBI MPC meeting date and time
RBI MPC meeting will start on Wednesday, June 5, 2024 and conclude on Friday, June 7, 2024. The MPC briefing by the RBI governor Shaktikanta Das will most likely take place at 10 am on Friday, in keeping with the past trend. This will be followed by the RBI governors’ press briefing accompanied by 4 deputy governors of the central bank at 12 pm on Friday, June 7, 2024.
The monetary policy committee comprises 3 members of the RBi and 3 external members nominated to the MPC. These external members are:
Ashima Goyal
Jayanth R Varma
Shashanka Bhide
RBI record surplus, balance sheet and gold transfer
The RBI balance sheet in the just included FY24 stood at $844.76 billion compared to Pakistan’s GDP size of $338.24 billion. RBI’s balance sheet stood at Rs 63.44 lakh crore in FY24. The central bank transferred a record surplus of Rs 2.1 lakh crore to the central government for FY24.
The RBI also quietly transferred 100 tonnes of gold from the Bank of London to India
RBI’s balance sheet stood at Rs 63.44 lakh crore in FY24. The central bank transferred a record surplus of Rs 2.1 lakh crore to the central government for FY24. This is the first instance of a major quantity of gold being transferred by the central bank since 1991. RBI’s total gold reserves stood at 817 tonnes as of April 2024.
The Reserve Bank of India’s monetary policy committee (MPC) will meet in the first week of June 2024 against the backdrop of the June 4 Lok Sabha poll result. However, the MOC is unlikely to change the repo rate owing to the positive state of the economy and the cautious stance of global central banks. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
