RBI MPC Monetary Policy 2022 Live news Updates Today meeting Reserve Bank of India Rate Hike

Last Updated: December 07, 2022, 07:34 IST

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RBI MPC LIVE Updates: The RBI has raised the key repo rate by 190 basis points since May this year.

RBI MPC LIVE Updates: The RBI has raised the key repo rate by 190 basis points since May this year.

RBI MPC LIVE Updates: Reserve Bank of India Governor Shaktikanta Das will be announcing the bi-monthly monetary policy on Wednesday, December 7

RBI MPC LIVE Updates: Reserve Bank of India Governor Shaktikanta Das will be announcing the bi-monthly monetary policy on Wednesday, December 7 at 10 am on the conclusion of the three-day of Monetary Policy Committee (MPC) meeting. So far in FY23, the MPC has increased the repo rate by 190 bps: 40 bps in May and 50 bps each in June, August, and September. The current policy repo rate is 5.9 per cent.

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Also Read: RBI Monetary Policy Committee Meet Live: When, Where & How to Watch Shaktikanta Das Address

The Reserve Bank’s rate-setting panel is likely to go for a moderate interest rate hike of 25-35 basis points as inflation has started showing signs of easing and economic growth tapering.

India’s largest lender State Bank of India in a research report authored by Group Chief Economic Adviser Soumya Kanti Ghosh on Monday said: “We expect the RBI to hike rates in smaller magnitude in December policy attuned to emerging market central banks and the overall rate-setting tone. A 35-bps repo rate hike looks imminent. We believe at 6.25 per cent, it could be the terminal rate for now”.

Consumer price index (CPI) based retail inflation, which the RBI mainly factors in while arriving at its monetary policy, is showing signs of moderation but still remains above the central bank’s upper tolerance level of 6 per cent since January this year.

The inflation dropped to 6.77 per cent in October from 7.41 per cent in the preceding month, mainly due to easing prices in the food basket, though it remained above Reserve Bank’s comfort level for the 10th month in a row.

The GDP growth in the second quarter of the fiscal slowed to 6.3 per cent as against a growth of 13.5 per cent in the preceding three months.

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