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Monetary Policy: RBI Governor ready to present today

Monetary Policy: RBI Governor ready to present today

Mumbai: Urijit Patel the Governor of Reserve Bank of India (RBI) is all set to present his maiden monetary policy today.

The newly-formed Monetary Policy Committee (MPC) started its first meeting yesterday to fix the benchmark interest rate, with experts saying that RBI may take for status quo and wait for further easing of inflation.

The 6-member panel directed by RBI Governor Urjit Patel began its two-day deliberations to consider various factors like inflation, credit offtake and the need to move growth, foreign trade and global economic factors.

Moving away from the usual practice of declaration at 11 am, the fourth bi-monthly monetary policy review would be made public at 2:30 pm after the MPC meet.

Masters are of the side that given the price situation, panel is expected to keep rates unchanged to meet the aimed inflation of 4 % with the margin of 2 % on either side.

Patel was the one who wrote the inflation targeting path for RBI when he was deputy to past Governor Rajan, and analysts say it is unlikely that he will dump his guard on price rise, especially under the new inflation targeting framework.

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