RBI governor Urjit Patel to announce his first bi-monthly monetary policy today
Ahead of the Reserve Bank of India (RBI) policy today, there is little hope of a cut in the key policy rates from the apex bank in its first bi-monthly monetary policy for the new fiscal 2018-19, owing to hardening global crude oil prices.
Ahead of the Reserve Bank of India (RBI) policy today, there is little hope of a cut in the key policy rates from the apex bank in its first bi-monthly monetary policy for the new fiscal 2018-19, owing to hardening global crude oil prices.The six-member Monetary Policy Committee (MPC), headed by RBI Governor Urijit Patel, will today announce its first bi-monthly monetary policy today, after its meeting on April 4 and 5 in Mumbai.
RBI has maintained status-quo on the key short-term borrowing rate or repo rate in its last three policy meets.Earlier on February 7, the MPC had kept the policy rate stable at six percent with a neutral stance.Also, the reverse repo rate remained unchanged at 5.75 percent.
The benchmark lending rate was reduced by 0.25 percentage points to six percent last August, bringing it to a six-year low.The apex bank is expected to target key concerns such as high global crude prices, inflation, and rising bond yields, among other things.