MPC meet in spotlight amid speculation over Governor Shaktikanta Das' term
Meeting begins on Wednesday against backdrop of Q2 GDP growth slowdown
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economic
The December meeting of the Reserve Bank of India’s (RBI’s) six-member Monetary Policy Committee (MPC) will start on Wednesday even as there is no clarity on whether Governor Shaktikanta Das, the chair of the panel, will continue in office after his term ends this month.
The outcome of the meeting will be announced on Friday by Das at 10 in the morning.
Das was in the Indian Administrative Service. He was appointed governor in December 2018 the day after Urjit Patel had resigned. He got an extension in 2021 and completes his current term next week.
The MPC meeting is important because it decides the course of interest rates.
Each member of the MPC has one vote on the policy repo rate and the stance of the policy. If the votes are equal, the governor has a second or casting vote.
After raising the policy repo rate by 250 basis points between May 2022 and February 2023, the panel maintained the status quo on the rate. The stance of the policy was changed to “neutral” in the October policy from “withdrawal of accommodation”
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Topics : AstaGuru
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First Published: Dec 04 2024 | 12:29 AM IST
