RBI to announce its Bi-monthly monetary policy review today

Reserve Bank of India (RBI) will announce its bi-monthly monetary policy review in Mumbai today. The Reserve Bank of India's Governor Shaktikanta Das will announce the Monetary Policy Committee (MPC)'s decisions at 10.00 am today.

The newly-constituted Monetary Policy Committee (MPC) of the RBI began its three-day deliberations on Wednesday, October 7, 2020, amid industries expectations that the central bank will maintain status quo on the benchmark lending rates in view of hardening inflation.

RBI in a tweet has said, "Watch out for Bi-monthly Monetary Policy address by RBI Governor @DasShaktikanta at 10:00 am on October 09, 2020 #rbitoday #rbigovernor YouTube: https://youtu.be/opdPPxqish4 Twitter: @RBI @RBIsays https://facebook.com/RBISays".

The meeting of the six-member MPC, earlier slated for September 29-October 1, 2020, was rescheduled as the appointment of independent members was delayed.

Earlier this week, the government appointed three eminent economists Ashima Goyal, Jayanth R Varma and Shashanka Bhide as members of the MPC.

In its August meet, the MPC left the repo rate unchanged at 4 per cent and reverse repo rate at 3.35 per cent. Since February 2019, the MPC has cut repo rate by a steep 250 basis points.