RBI Monetary Policy Committee Meeting: Date, Time and Expectations for April 2024

The Reserve Bank of India (RBI) is gearing up for its inaugural monetary policy committee (MPC) meeting for the fiscal year 2024-25 scheduled from April 3-5, 2024. Chaired by RBI Governor Shaktikanta Das, the MPC is set to unveil its decision on April 5 at 10 am. 

Here are the dates for the RBI’s MPC meetings 

— April 3-5, 2024

— June 5-7, 2024

— August 6-8, 2024

— October 7-9, 2024

— December 4-6, 2024

— February 5-7, 2025.

Analysts are anticipating the central bank to maintain the repo rate at its current level of 6.5 per cent, a stance upheld since February 2023. However, market fluctuations may persist, particularly impacting interest rate-sensitive stocks. 

The RBI’s objective is to align India’s inflation with its target, influenced by the dovish stance of the US Federal Reserve. While economists unanimously foresee the repo rate remaining steady, there are divergent opinions on the timing of potential rate cuts in 2024. 

Market sentiment is expected to remain positive, with traders advised to focus on large-cap stocks and resilient sectors for potential opportunities.

Recapping the RBI MPC meeting held in February 2024, the committee opted to maintain the benchmark interest rate unchanged at 6.5 per cent for the sixth consecutive meeting.

This decision was driven by concerns over inflation, with a majority of members voting for the status quo on the policy rate. Emphasizing the gradual withdrawal of accommodation, the MPC reiterated the need to align inflation with the target while supporting economic growth. Key rates remained unchanged, including the Fixed Reverse Repo Rate at 3.75 per cent and the bank rate at 6.75 per cent. 

Overall, the upcoming MPC meeting is expected to draw significant attention, as stakeholders closely monitor the central bank’s approach to navigating the current economic landscape.