April 2024 RBI MPC meeting schedule: The Monetary Policy Committee (MPC) of the Reserve Bank of India sets the country's monetary policy, particularly the repo rate, which affects lending and borrowing costs. The next MPC meeting is slated for April 3–5, 2024, and RBI governor Shaktikanta Das will make the announcement about the outcome on April 5 at about 10 AM.
The first bi-monthly review of the financial year, where important interest rate decisions are decided, begins with this meeting. With worries about inflation, it is anticipated that the committee would likely keep the repo rate at 6.5%. On April 5, though, the ultimate verdict will be revealed.
Five more MPC meetings are planned for June, August, October, December, and February. The meetings take place on a regular basis throughout the year. These are crucial sessions when the committee determines the monetary policy of the nation by assessing a range of economic statistics. For the sixth time in a row, the MPC maintained consistency in February by voting to leave the repo rate at 6.5%. The interest rate at which the RBI loans money to other banks is set by the repo rate. Experts speculate that a rate drop would not be advantageous given the state of the economy. Inflation worries are still there despite recent improvements in economic data, which may have an impact on future rate changes.
One of the RBI's top priorities continues to be keeping inflation within the comfortable range of 2.6 percent. Inflation in February was 5.09%, which was more than the target 4% but still within the RBI's comfort level.
According to analysts, the RBI may begin a cycle of rate cuts in the third quarter of the 2024–2025 fiscal year, in line with its goal of attaining sustainable levels of inflation. Rate reductions of up to 75 basis points are anticipated by S&P Global Ratings for the fiscal year, while Morgan Stanley anticipates rate reductions to start in June 2024.
