Shaktikanta Das-Led RBI To Release Statement Shortly
RBI Governor Shaktikanta Das has already promised more policy measures to support growth, if needed
The Reserve Bank of India (RBI) will release the outcome of a three-day meeting of its six-membeer Monetary Policy Committee shortly. Analysts keenly await RBI Governor Shaktikanta Das's address to media scheduled at 12:00 noon, for more clarity on the trajectory of interest rates going forward. Most economists expect the Monetary Policy Committee (MPC) to decide to reduce the repo rate - the key interest rate at which the RBI lends funds to commercial banks - in spite of inflationary pressures, amid rising COVID-19 cases in an already-slowing economy. Around two-thirds of economists in a poll by news agency Reuters expect the RBI to reduce the repo rate by 25 basis points to 3.75 per cent today, and once more next quarter to a record low of 3.50 per cent.
Here are latest updates on the RBI's policy decision:
The Reserve Bank of India will release its policy statement at 11:45 am. Analysts are divided over whether the RBI will announce a rate cut to aid the economy despite inflationary pressures. Governor Shaktikanta Das will address the media virtually 15 minutes after the release of policy statement.