Releasing the Monetary Policy Statement, 2022-23 Resolution of the Monetary Policy Committee (MPC) August 3-5, 2022, it was announced that the next meeting of the MPC is scheduled during September 28-30, 2022.
Next RBI MPC meeting date – Schedule details
The next meeting of the MPC is scheduled during September 28-30, 2022.
Reserve Bank of India (RBI) Governor Shaktikanta Das had announced the rise of policy rate or repo rate by 50 basis points (bps) to 5.4 per cent.
The policy or the repo rate is the interest rate at which the RBI lends short-term funds to banks.
Announcing the decision of the Monetary Policy Committee (MPC) during its three-day meeting, Das said it has been decided to increase the policy rate by 50 bps to 5.4 per cent with immediate effect.
In line, the standing deposit facility (SDF) rate will be 5.15 per cent and the marginal SDF will be 5.65 per cent.
The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth.
According to the RBI, owing to the elevated level of inflation and resilience in domestic economic activity, the MPC took the view that further calibrated monetary policy action is needed to contain inflationary pressures, pull back headline inflation within the tolerance band closer to the target, and keep inflation expectations anchored so as to ensure that growth is sustained.
These decisions are in consonance with the objective of achieving the medium term target for consumer price index (CPI) inflation of 4 per cent within a band of about 2 per cent, while supporting growth, Das said.
He also said the domestic economy is showing signs of broadening.
Das said the net foreign direct investment during the first quarter of FY23 was $13.6 billion up from $11.6 billion received during the previous year corresponding period.
Terming the domestic economic activity remaining resilient, he added that the southwest monsoon rainfall was 6 per cent above the long period average (LPA).
(With IANS inputs)