RBI announces dates of six bi-monthly MPC reviews in 2024-25; check out full schedule here

RBI MPC meeting schedule 2024-25: The Reserve Bank of India (RBI) has released the full schedule of the six upcoming review meetings of its all-powerful Monetary Policy Committee (MPC) for the financial year beginning April 1, 2024. It is during these reviews that the MPC, the interest rate-deciding panel headed by the RBI Governor, decides various key aspects of the country's monetary policy, including the repo rate and other policy rates, and the RBI's forecasts for macroeconomic parameters such as inflation and GDP growth.        

The RBI will conduct the first bi-monthly review of the financial year 2024-25 from April 3 to April 5, according to an official notification. 

RBI monetary policy meeting full schedule 2024-25

• April 3-5, 2024
• June 5-7, 2024
• August 6-8, 2024
• October 7-9, 2024
• December 4-6, 2024
• February 5-7, 2025

What did the MPC do in February 2024 review?

In the last scheduled review of the current financial year, the MPC kept the repo rate—or the key interest rate at which the RBI lends short-term funds to commercial banks—unchanged at 6.5 per cent, in line with most economists' expectations. The RBI also implied that it might be a while before the central bank introduces interest rate cuts.

The central bank has kept the benchmark interest rate on hold for more than a year following six increases of a cumulative 250 basis points between May 2022 and February 2023.

The MPC voted 5:1 to keep the repo rate on hold while maintaining the policy stance at "withdrawal of accommodation". 

What does the RBI Governor-led MPC do and how often does it meet in a year?

The RBI, which plays a crucial role in the country's financial system by regulating monetary policy and overseeing the banking sector, normally meets six times a year to discuss and review various aspects of the economy, including the policy rates.

In these meetings, MPC members analyse economic indicators and decide on key policy rates such as the repo rate, reverse repo rate, and liquidity measures.

Besides, the RBI Governor-led MPC also convenes any additional meetings in situations that warrant immediate action.

How do MPC meetings impact you?  

The MPC meetings are crucial as they set the tone for the country's monetary policy and have a direct impact on interest rates, inflation, and overall economic stability.

The decisions taken during these meetings influence borrowing and lending rates in the economy, affecting businesses, consumers, and investors.

At each meeting, the RBI considers a host of important factors such as inflation levels, GDP growth projections, global economic trends, and domestic financial stability.

The minutes of the MPC meetings are released to the public, providing insights into the rationale behind policy decisions. This transparency enhances accountability and fosters trust in the central bank's operations.