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New Delhi: The Reserve Bank of India’s (RBI) three-day monetary policy committee (MPC) meeting that began on Monday will conclude today. It’s widely expected that RBI Governor Shaktikanta Das will announce a 25 basis points hike in the repo rate. The MPC meeting that concludes today is significant in many ways. It is the first monetary policy review that took place after the announcement of the Union Budget 2023-24. It is also the last MPC meeting the central bank will be holding in this financial year that ends on 31 March 2023.
In its December monetary policy review meeting, RBI hiked the repo rate by 35 bps after delivering three successive hikes of 50 bps each. Following the disruption of the global supply network after the outbreak of Russia Ukraine war, India’s central bank began the bi-monthly monetary review meeting and policy changes.
In this financial year, RBI first hiked the policy rate by 40 bps in May 2022, followed by three consecutive rate hikes to the tune of 50 bps each between June to October and 35 bps in the December meeting.
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