RBI MPC Meet June 2024 HIGHLIGHTS: Shaktikanta Das-led MPC leaves repo rate, policy stance unchanged; FY25 GDP forecast raised by 20 bps
RBI MPC June 2024 Review, Rate Decision HIGHLIGHTS: The RBI Governor Shaktikanta Das-led MPC voted 4:2 to maintain the repo rate as well as the policy stance unchanged in the June 5-7 review. The decision to keep the repo rate - the key interest rate at which the RBI lends short-term funds to commercial banks - as well as the policy stance - which determines its overall approach to monetary policy - was in line with economists' expectations.
The central bank's all-powerful interest rate-setting panel, the MPC, raised its forecast for GDP growth in the country by 20 basis points to 7.2 per cent while maintaining its projection for consumer inflation at 4.5 per cent for FY25. Read more on RBI GDP forecast
The bi-monthly policy review comes days after official data showed India's GDP grew at a faster-than-expected rate of 7.8 per cent in the January-March quarter, aided by expansion in its key manufacturing sector.
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RBI Repo Rate Decision HIGHLIGHTS | Follow this space to catch all important details and updates about this event:
RBI MPC June 2024 Review, Rate Decision HIGHLIGHTS: The RBI Governor Shaktikanta Das-led MPC voted 4:2 to maintain the repo rate as well as the policy stance unchanged in the June 5-7 review. The decision to keep the repo rate - the key interest rate at which the RBI lends short-term funds to commercial banks - as well as the policy stance - which determines its overall approach to monetary policy - was in line with economists' expectations.
The central bank's all-powerful interest rate-setting panel, the MPC, raised its forecast for GDP growth in the country by 20 basis points to 7.2 per cent while maintaining its projection for consumer inflation at 4.5 per cent for FY25. Read more on RBI GDP forecast
The bi-monthly policy review comes days after official data showed India's GDP grew at a faster-than-expected rate of 7.8 per cent in the January-March quarter, aided by expansion in its key manufacturing sector.
Catch latest stock market updates here
RBI Repo Rate Decision HIGHLIGHTS | Follow this space to catch all important details and updates about this event:
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RBI MPC June 2024 Review, Rate Decision LIVE Update: MPC has delivered a ‘fairly neutral policy' with a positive undertone, says Future Generali India Life Insurance's Niraj Kumar
The MPC has been upbeat on growth and nudged the GDP forecasts higher, while being cognizant and cautious of achieving the last mile of disinflation, says Niraj Kumar, Chief Investment Officer at Future Generali India Life Insurance Company.
"The bump up in growth numbers renders the key optimism in policy and provides the requisite comfort to equity markets. Given the backdrop of supportive fiscal position and the global bond index inclusion, we reckon monetary policy continues to be complementary and supportive to the bond markets. While MPC refrains from giving cues on further rate actions, the 4:2 voting pattern is indeed encouraging and indicative of a possible change in stance in the near future," Kumar adds.
RBI MPC June 2024 Review, Rate Decision LIVE Update: Policy stance was warranted given global, local factors, says CSB Bank's Alok Singh
Alok Singh, Group Head-Treasury at CSB Bank, points out that the status quo in the policy stance was warranted looking at the global and local factors.
"We expected some measures on Banking system liquidity but it seems RBI may be waiting to see the OMOs through before taking any other measure. The RBI has continued with its measures to improve digital payment space which augurs well for the future and would certainly help the RBI establish its global footprint," Singh adds.
RBI MPC June 2024 Review, Rate Decision LIVE Update: Inflation continues to moderate, mainly driven by core component, says Shaktikanta Das
While the deflation in fuel prices is ongoing, food inflation remains elevated, says the RBI Governor.
RBI MPC Meet June 2024 LIVE Update: RBI in no hurry to reduce rates, says Saugata Bhattacharya
Senior economist Saugata Bhattacharya is of the view that a rate cut is unlikely before December.
The RBI appears to be in no rush to reduce rates, the economist tells Zee Business Managing Editor Anil Singhvi.
"Any central bank works on rate changes on a step-by-step basis... In the RBI's case, the dissent (MPC vote) is increasing from 5:1 to 4:2," adds Bhattacharya.
RBI MPC June 2024 Review, Rate Decision LIVE Update: Inflation-growth balance moving favourably, says RBI Governor
Growth is holding firm, says RBI Governor Shaktikanta Das.
RBI MPC Meet June 2024 LIVE Update: Shaktikanta Das says central bank remains focused on striking balance between growth, inflation
RBI MPC June 2024 Review, Rate Decision LIVE Update: BREAKING - RBI remains focused on striking balance between growth, inflation, says Governor Shaktikanta Das
RBI MPC June 2024 Review, Rate Decision LIVE Update: BREAKING - MPC votes 4:2 to maintain policy stance
The RBI Governor says the central bank remains focused on withdrawal of accommodation.
RBI MPC June 2024 Review, Rate Decision LIVE Update: BREAKING - RBI revises FY25 GDP growth projection to 7.2% from 7.0% citing evenly balanced risks
Quarter-wise projections
- Q1: 7.3%
- Q2 at 7.2%
- Q3 at 7.3%
- Q4 at 7.2%
RBI MPC June 2024 Review, Rate Decision LIVE Update: BREAKING - MPC votes 4:2 to maintain repo rate at existing level
The repo rate stands at 6.5 per cent currently.
RBI MPC June 2024 Review, Rate Decision LIVE Update: BREAKING - Small loan interest rates much higher, says Shaktikanta Das
The RBI Governor says that the interest of borrowers is paramount for the central bank.
RBI MPC June 2024 Review, Rate Decision LIVE Update: BREAKING - FY25 to see better stability in rupee vs dollar, says RBI Governor
RBI MPC June 2024 Review, Rate Decision LIVE Update: BREAKING - RBI maintains FY25 consumer inflation forecast at 4.5% citing evenly balanced risks
Quarter-wise projections
- Q1: 4.9%
- Q2 at 3.8%
- Q3 at 4.6%
- Q4 at 4.5%
RBI MPC June 2024 Review, Rate Decision LIVE Update: BREAKING - RBI leaves policy stance unchanged
The central bank remains focused on "withdrawal of accommodation".