RBI Reschedules Next MPC Meet To August 3-5, 2022

The apex banker has decided to reschedule the next MPC meeting to August 3-5, 2022 on the back of administrative issues.

The upcoming bi-monthly monetary policy meet of the MPC or Monetary Policy Committee for the fiscal year 2023 was scheduled earlier for August 2-4, 2022. "This announcement is being made under Section 45ZI(4) of the Reserve Bank of India Act, 1934", stated RBI.

The monetary policy devised by the apex bank pertains to the monetary matters of the country such as maintaining and regulating money supply in the economy and also check on the cost of credit.

In the earlier two policy meet of the current fiscal year, there has been made no change in the first in the key rates, then considering the inflationary pressure, RBI in an off-cycle meet pushed the rates to pre-Covid level of 4.4%.

Post this in June, there has been made a 50 bps or 0.5% rate hike in key rates with repo rate now standing at 4.9%. Repo rate is the rate at which RBI lends money to commercial banks.

Also, the central banker considering the heightened inflation raised inflation forecast to 6.7% for the ongoing fiscal year from the earlier estimate of 5.7%.