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Tuesday, July 16, 2024

RBI MPC Meet 2024 Highlights: Repo rate unchanged , Real GDP growth at 7.2%

RBI MPC Meet 2024 LIVE: RBI left its benchmark interest rate unchanged, as expected, keeping its focus on inflation.
Summary

RBI MPC Meet 2024 LIVE: Shaktikanta Das announced the Reserve Bank of India's monetary policy decision. All updates here

RBI MPC Meet 2024 LIVE: Reserve Bank of India (RBI) Governor Shaktikanta Das is announcing the Monetary policy committee decision today.
RBI MPC Meet 2024 LIVE: Reserve Bank of India (RBI) Governor Shaktikanta Das is announcing the Monetary policy committee decision today.

The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the Monetary Policy Committee (MPC) decisions. India’s central bank left its benchmark interest rate unchanged, as expected, keeping its focus on inflation amid policy uncertainty following an unexpected election result. The MPC convened in Mumbai this week to deliberate on key policy decisions. This comes as food inflation has been a persistent concern, with urban areas experiencing a 1.03 per cent rise while rural areas seeing a 0.59 per cent increase in April, leading to a combined national food inflation increase of 0.74 per cent. The decision comes amid robust growth momentum as retail inflation​ hit an ​11-month low in April 2024 at 4.83 per cent​. The number has remained within RBI's tolerance band of 2-6 per cent....Read More

RBI Monetary Policy Committee meeting: When, where to watch live

In the last meeting, the RBI decided to hold the key policy rate for the seventh consecutive time. The central bank had last changed the benchmark interest rate in February 2023.

Follow all the updates here:
June 7, 2024 10:59 AM IST

RBI MPC Meet 2024 LIVE: RBI to integrate UPI Lite with e-mandate framework

RBI MPC Meet 2024 LIVE: RBI announced integration of UPI Lite with the e-mandate framework, facilitating the auto-replenishment of UPI Lite balances.

June 7, 2024 10:56 AM IST

RBI MPC Meet 2024 LIVE: No impact on home loan EMIs

RBI MPC Meet 2024 LIVE: Home loan interest rates and equated monthly installments (EMIs) will remain unchanged for borrowers as the Reserve Bank of India (RBI) held repo rate steady at 6.5 per cent for the eighth time in a row.

June 7, 2024 10:47 AM IST

RBI MPC Meet 2024 LIVE: RBI Governor proposes to rationalise FEMA Act

RBI MPC Meet 2024 LIVE: RBI proposes to rationalise Foreign Exchange Management Act guidelines related to export-import of goods and services, Governor Shaktikanta Das said.

June 7, 2024 10:45 AM IST

RBI MPC Meet 2024 LIVE: Other announcements by RBI Governor

RBI MPC Meet 2024 LIVE: RBI Governor said announced the following as well:

  1. Rationalisation of guidelines for export and import of goods and services under FEMA
  2. Next edition of Harbinger 2024 - the global hackathon - with two themes, zero frauds and being divyang friendly will be launched soon
  3. To introduce auto replenishment of UPI-Lite wallet
June 7, 2024 10:42 AM IST

RBI MPC Meet 2024 LIVE: RBI Governor on FPI flows

RBI MPC Meet 2024 LIVE: RBI Governor Shaktikanta Das announced a significant surge in Foreign Portfolio Investor (FPI) flows during FY24 with an inflow totaling $41.6 billion.

June 7, 2024 10:35 AM IST

RBI MPC Meet 2024 LIVE: RBI Governor's complete statement on crude oil prices

RBI Governor said, "The outlook on crude oil prices remains uncertain due to geopolitical tensions. Assuming a normal monsoon, CPI inflation for 2024-25 is projected at 4.5% with Q1 at 4.9%, Q2 at 3.8%, Q3 at 4.6% and Q4 at 4.5%, the risks are evenly balanced. The GDP growth projection, we have increased it from 7% to 7.2% and the inflation projection, the average for the year, we have retained it at 4.5% as it was in the last MPC meeting. I have explained there are good reasons why we have increased the GDP projection for the current year."

June 7, 2024 10:34 AM IST

RBI MPC Meet 2024 LIVE: RBI on gross FDI and NBFCs

RBI MPC Meet 2024 LIVE: RBI Governor said, “It has been observed that in some MFIs and NBFCs, interest rates on small value loans are high and appear to be usurious.”

June 7, 2024 10:33 AM IST

RBI MPC Meet 2024 LIVE: Forex at a historical high of USD 651.5 billion as of May 31

RBI MPC Meet 2024 LIVE: Forex at a historical high of USD 651.5 billion as of May 31

June 7, 2024 10:31 AM IST

RBI MPC Meet 2024 LIVE: RBI Governor asserts that this is central bank's top priority

RBI MPC Meet 2024 LIVE: Customer protection remains top of RBI's priority, the RBI Governor said, asserting that prudent balance between asset and liabilities must be maintained.

June 7, 2024 10:28 AM IST

RBI MPC Meet 2024 LIVE: RBI Governor on India's banking system

RBI MPC Meet 2024 LIVE: RBI Governor said that the banking system is sound and resilient backed by asset quality as it sees rise in profitability. NBFCs displayed strong financials in FY24, he said. Recent data suggests there is moderation in loans and advances in unsecured lending after RBI flagged it last year, he added.

June 7, 2024 10:26 AM IST

RBI MPC Meet 2024 LIVE: Reactions to repo rate announcement

Boman Irani, President, CREDAI, said, “India’s robust economy continued its upward trajectory in Q4 FY 23/24 by clocking 7.8% growth, the momentum of which can also be largely put down to the strong sales volumes and infusion of supply in the Housing sector in the past few quarters. Coupled with other healthy macro-economic indicators and CPI at an 11-month low at 4.83% recorded in last April, RBI possesses a strong opportunity to provide a sustained, formidable platform to further elevate this holistic economic development across industries. Despite today’s move to maintain the repo rate at 6.5%, RBI should look towards consolidating the ongoing GDP growth in the upcoming MPC meets by cutting the repo rates for the first time since February 2023, and offer lower lending rates that would boost consumer spending even more.”

June 7, 2024 10:23 AM IST

RBI MPC Meet 2024 LIVE: RBI Governor on liquidity

RBI MPC Meet 2024 LIVE: Will be nimble and flexible through main and fine-tuning operations, RBI Governor Shaktikanta Das says

June 7, 2024 10:20 AM IST

RBI MPC Meet 2024 LIVE: Shaktikanta Das on food prices

RBI MPC Meet 2024 LIVE: The RBI governor said that vegetable prices are currently on the rise for the summer season attributing the deflationary trend in fuel prices mainly to cuts in LPG prices.

June 7, 2024 10:18 AM IST

RBI MPC Meet 2024 LIVE: Sensex jumps 600 points as RBI raises FY25 GDP growth forecast

RBI MPC Meet 2024 LIVE: Sensex jumps 600 points as RBI raises FY25 GDP growth forecast

June 7, 2024 10:17 AM IST

RBI MPC Meet 2024 LIVE: Shaktikanta Das's complete remark on inflation

RBI MPC Meet 2024 LIVE: RBI Governor Shaktikanta Das said, "The inflation growth balance is moving favourably. Growth is holding firm. Inflation continues to moderate, mainly driven by the core component, which reached its lowest level in the current series In April 2024. The deflation in fuel prices is ongoing. Food inflation, however, remains elevated. While the MPC took note of the disinflation achieved so far without hurting growth, it remains vigilant to any upside risks to inflation, particularly from food inflation, which could possibly derail the path of disinflation. Hence, monetary policy must continue to remain disinflationary and be resolute in its commitment to aligning inflation to the target of 4% on a durable basis. Sustained price stability would set strong foundations for a period of high growth. Accordingly, the MPC decided to keep the policy repo rate unchanged at 6.5% in this meeting of the MPC. The MPC also decided to remain focused on withdrawal of accommodation to ensure anchoring of inflation expectations and fuller policy transmission."

June 7, 2024 10:16 AM IST

RBI MPC Meet 2024 LIVE: Inflation projection retained

RBI governor said that inflation projection has been retained for the fiscal as it was in last MPC. RBI projects CPI inflation at 4.5% for FY25 and CPI inflation is expected to be Q1- 4.9%, Q2 -3.8%, Q3 - 4.6%, Q4 - 4.5%.

June 7, 2024 10:14 AM IST

RBI MPC Meet 2024 LIVE: RBI governor on monsoon forecast

RBI MPC Meet 2024 LIVE: Shaktikanta Das said that a forecast of above-normal southwest monsoon by IMD is expected to boost Kharif production.

June 7, 2024 10:14 AM IST

RBI MPC Meet 2024 LIVE: RBI governor on imports and heatwave in India

RBI MPC Meet 2024 LIVE: RBI governor said that private consumption is recovering and revival in rural demand is getting fillip from farm activities. Non-oil, non-gold imports are in the positive while services growth rebounding.

IMD's forecast is expected to improve Kharif output, he said.

June 7, 2024 10:12 AM IST

RBI MPC Meet 2024 LIVE: Shaktikanta Das on global growth

RBI MPC Meet 2024 LIVE: Shaktikanta Das said that global growth is sustaining in 2024 and is likely to remain resilient. Market expectation on timing and pace of rate cut is changing based on incoming data, he said, adding that domestic economic activity in FY25 has remained resilient.

June 7, 2024 10:09 AM IST

RBI MPC Meet 2024 LIVE: Shaktikanta Das's remarks on key rates

RBI MPC Meet 2024 LIVE: RBI Governor Shaktikanta Das said, "The Monetary Policy Committee decided by a 4:2 majority to keep the policy repo rate unchanged at 6.5%. Consequently, the standing deposit facility (SDF) rate remains at 6.25%, and the marginal standing facility (MSF) rate and the bank rate at 6.75%."

June 7, 2024 10:08 AM IST

RBI MPC Meet 2024 LIVE: Shaktikanta Das on food inflation

RBI MPC Meet 2024 LIVE: RBI Governor Shaktikanta Das said that food inflation remains elevated as deflation in fuel prices is ongoing.

June 7, 2024 10:07 AM IST

RBI MPC Meet 2024 LIVE: Shaktikanta Das on rate cut decision

RBI MPC Meet 2024 LIVE: Here are top updates so far:

  1. MPC decides to keep key rates unchanged by a 4:2 majority
  2. RBI keeps repo rate unchanged at 6.50%
  3. Majority MPC focused on withdrawal of accommodation, Shaktikanta Das says
  4. Explaining the decisions, he said that deflation in fuel prices ongoing, MPC took note of this but remains vigilant to any upside risk
June 7, 2024 10:06 AM IST

RBI MPC Meet 2024 LIVE: Repo rate unchanged at 6.5%

RBI MPC Meet 2024 LIVE: RBI maintains status quo as it keeps interest rates unchanged at 6.5%. The repo rate is the interest rate at which RBI provides loans to commercial banks when there is a shortage of funds.

June 7, 2024 10:05 AM IST

RBI MPC Meet 2024 LIVE: Shaktikanta Das on challenges that world faces

RBI MPC Meet 2024 LIVE: Shaktikanta Das said, “The pattern of world crisis continues, but India is seeing positive growth. But we need to stay vigilant against new challenges.”

June 7, 2024 9:59 AM IST

RBI MPC Meet 2024 LIVE: RBI Governor Shaktikanta Das on Budget and fiscal policies

RBI MPC Meet 2024 LIVE: Emphasis will also be placed on Shaktikanta Das' comments on budget and the fiscal policies of the new government.

June 7, 2024 9:50 AM IST

RBI MPC Meet 2024 LIVE: RBI Governor Shaktikanta Das to announce decision shortly

RBI MPC Meet 2024 LIVE: RBI Governor Shaktikanta Das will announce decision at 10am. The RBI began its three-day monetary policy committee (MPC) meeting on June 5 and will share its decision today. The last time RBI hiked its interest rate was in February 2023.

June 7, 2024 9:40 AM IST

RBI MPC Meet 2024 LIVE: A look at RBI's net income of FY 24

RBI MPC Meet 2024 LIVE: RBI had a net income of 2.11 lakh crore in the financial year 2024. This is up from 87,420 crore in the previous year with a jump in interest income from foreign securities.

June 7, 2024 9:32 AM IST

RBI MPC Meet 2024 LIVE: Stock market ahead of RBI's decision

RBI MPC Meet 2024 LIVE: Sensex declines 100 points and slips below 75,000 while Nifty tests 22,800 ahead of RBI policy outcome.

June 7, 2024 9:16 AM IST

RBI MPC Meet 2024 LIVE: What SBI Research said on RBI rate cut

RBI MPC Meet 2024 LIVE: A research paper from SBI suggests that the central bank should maintain its current approach of retracting accommodation.

June 7, 2024 9:01 AM IST

RBI MPC Meet 2024 LIVE: Markets may open higher ahead of RBI's decision

RBI MPC Meet 2024 LIVE: Indian markets are poised to open with a slight uptick today as the Gift Nifty was trading at 22,905.

June 7, 2024 8:49 AM IST

RBI MPC Meet 2024 LIVE: A look at India's GDP in Q4 of fiscal year FY24

RBI MPC Meet 2024 LIVE: India's gross domestic product (GDP) expanded by 7.8 per cent annually during the final quarter (Q4) of the fiscal year FY24.

June 7, 2024 8:41 AM IST

RBI MPC Meet 2024 LIVE: Impact of global factors on RBI policy

RBI MPC Meet 2024 LIVE: Global factors can impact the food inflation in India in case of a surge in the global crude oil prices as Israel-Hamas conflict continues. Heatwave in India may also trigger a spike in food inflation.

June 7, 2024 8:37 AM IST

RBI MPC Meet 2024 LIVE: Could RBI's June policy meeting impact stock market?

RBI MPC Meet 2024 LIVE: Stock market has been facing increasing volatility following Lok Sabha election results but analysts believe that the central bank is likely to maintain status quo for the eighth consecutive time- keeping interest rates unchanged at 6.5 per cent. This means that the policy decision may not impact the stock market.

June 7, 2024 8:25 AM IST

RBI MPC Meet 2024 LIVE: How economic growth momentum could impact central bank's decision?

RBI MPC Meet 2024 LIVE: RBI MPC could decide against reducing interest rates as economic growth is gaining momentum despite repo rate of 6.5 per cent since February 2023.

June 7, 2024 8:23 AM IST

RBI MPC Meet 2024 LIVE: How last policy in April could be different from today's?

A lot has changed between last policy in April and now as inflation has been easing. Headline retail inflation has stayed largely unchanged at 4.83 per cent in April against a 10-month low of 4.85 per cent in March.

June 7, 2024 8:15 AM IST

RBI MPC Meet 2024 LIVE: Bank of Canada cut interest rates, first G7 nation to do so

RBI MPC Meet 2024 LIVE: The Bank of Canada reduced its key policy rate becoming the first G7 nation to take this step. The bank noted that any additional rate cuts would be implemented slowly and would depend on economic data, it said.

June 7, 2024 8:06 AM IST

RBI MPC Meet 2024 LIVE: What RBI said on inflation and price stability

RBI MPC Meet 2024 LIVE: RBI released its annual report for 2023-24 in which it said that macro-economic fundamentals remain strong with headline inflation expected to moderate further.

June 7, 2024 7:59 AM IST

RBI MPC Meet 2024 LIVE: A look at India's services sector in May

RBI MPC Meet 2024 LIVE: India's services sector experienced a slowdown in growth during May and reached its lowest point in five months, as per to a private survey. The seasonally adjusted HSBC India Services Business Activity Index fell to 60.2 from 60.8 in April.

June 7, 2024 7:54 AM IST

RBI MPC Meet 2024 LIVE: What Shaktikanta Das said on Consumer Price Index (CPI)

RBI MPC Meet 2024 LIVE: RBI Governor Shaktikanta Das said the Consumer Price Index (CPI) inflation was on a downward trajectory. In an interview, he said, “We would like inflation to be durably around 4 percent. It has to be sustainably and durably 4 percent. That will give us greater confidence. Direction is clear, inflation is on a downward trajectory."

June 7, 2024 7:50 AM IST

RBI MPC Meet 2024 LIVE: India's revised growth estimate

RBI MPC Meet 2024 LIVE: India's economy grew at 8.4 percent, its fastest pace in 18 months, in the final three months of 2023 owing to strong manufacturing and construction activity. The government revised its growth estimate for 2024 to 7.6 per cent from 7.3 per cent.

June 7, 2024 7:47 AM IST

RBI MPC Meet 2024 LIVE: Will US Fed stance impact RBI policy?

RBI MPC Meet 2024 LIVE: Analysts said that it is highly improbable that the RBI will precede the US Fed in cutting policy rates as the interest rate differential between the US and India is at historic lows.

"The RBI has also been indicating that India’s monetary policy reaction function crucially depends on domestic conditions and US Fed may not have much of an impact. However, we think that RBI is unlikely to precede the Fed in this rate-cutting cycle as the interest rate differential between the two economies is at historic lows," Yes Bank said.

June 7, 2024 7:40 AM IST

RBI MPC Meet 2024 LIVE: Have banks around the world cut rates?

RBI MPC Meet 2024 LIVE: The European Central Bank (ECB) reduced its main interest rate by a quarter point. Although the US Federal Reserve has done the same.

June 7, 2024 7:29 AM IST

RBI MPC Meet 2024 LIVE: A look at RBI's record dividend

RBI MPC Meet 2024 LIVE: RBI announced it will distribute an unprecedented dividend of 2.1 lakh crore for FY24 with the increase in surplus attributed to central bank's exceptional interest earnings from its foreign investments.

June 7, 2024 7:21 AM IST

RBI MPC Meet 2024 LIVE: Why volatility in food prices remains a concern

RBI MPC Meet 2024 LIVE: Volatility in food prices remains a concern despite the overall headline inflation easing. The food and beverages inflation remains elevated, averaging 7.7 per cent in the first four months of the calendar year 2024, led by double-digit inflation in vegetables and pulses, credit rating and analytics group CareEdge said in a report, adding, “Sustained inflationary trends in non-perishable food categories, such as pulses, spices and cereals raise concerns about the potential broadening of price pressures due to their inherent stickiness."

June 7, 2024 7:15 AM IST

RBI MPC Meet 2024 LIVE: What will happen today?

RBI MPC Meet 2024 LIVE: Shaktikanta Das will reveal the decision at RBI MPC decision at 10 am, following deliberations. The RBI's rate-setting panel began their discussions on June 5.

June 7, 2024 7:09 AM IST

RBI MPC Meet 2024 LIVE: Can election results impact RBI’s monetary policy decision?

RBI MPC Meet 2024 LIVE: Experts said that RBI MPC's decisions are based on domestic and global economic conditions and may not get impacted by the Lok Sabha election results.

Madhavi Arora, Lead Economist, Emkay Global Financial Services, said, “As of now, the new political equation doesn't change anything much for the RBI (Reserve Bank of India) in the immediate run, as the political dust is yet to fully settle. The RBI is unlikely to change its view on broad macro contours on account of this."

June 7, 2024 7:07 AM IST

RBI MPC Meet 2024 LIVE: Will RBI MPC change its stance?

RBI MPC Meet 2024 LIVE: Most experts said that the central bank will maintain its ‘withdrawal of accommodation’ stance as well as the repo rate.

June 7, 2024 7:05 AM IST

RBI MPC Meet 2024 LIVE: 5 things that happened in RBI's April MPC meet

RBI MPC Meet 2024 LIVE: The Reserve Bank of India's monetary policy committee (MPC) on April 5 left repo rate unchanged at 6.5 per cent for the seventh time in a row.

The MPC also left its stance unchanged as withdrawal of accommodation.

Decisions were taken with a 5:1 majority.

The RBI Governor also said that there will be no changes in the GDP growth forecast for FY25- retaining it at 7 per cent for the current fiscal year.

On the inflation front, the RBI MPC said that it sees it at 4.5 per cent for FY25.

June 7, 2024 6:58 AM IST

RBI MPC Meet 2024 LIVE: Who are the MPC members that decide repo rate

The Monetary Policy Committee (MPC) comprises three individuals from RBI and three outside the central bank. External members on the panel are Shashanka Bhide, Ashima Goyal, and Jayanth R Varma.

June 7, 2024 6:54 AM IST

RBI MPC Meet 2024 LIVE: Since when has repo rate been at 6.5%

RBI MPC Meet 2024 LIVE: Since February 2023, Reserve Bank of India has maintained repo rate at 6.5 percent.

The central bank is likely to maintain the status quo today as well, experts said.

News business RBI MPC Meet 2024 Highlights: Repo rate unchanged , Real GDP growth at 7.2%