MPC Meet of the RBI begins with hope of maintaining the status quo

New Delhi: In the wake of a global alarm caused by the new coronavirus variant Omicron, the Reserve Bank's rate-setting panel began its three-day deliberations on Monday to select the next monetary policy, with anticipation that the central bank will maintain the status quo on the benchmark interest rate.

The six-member Monetary Policy Committee (MPC), led by Reserve Bank Governor Shaktikanta Das, is expected to release the policy resolution on Wednesday. If the RBI keeps policy rates constant on Wednesday, it will be the ninth time in a row that the rate has remained unchanged.

The policy rate was last changed on May 22, 2020, in an off-policy cycle to boost demand by reducing interest rates to a historic low. Dhruv Agarwala, Group CEO of Housing.com, Makaan.com, and Proptiger.com, said that while the Indian economy is now well on its road to much-anticipated normalcy, the government and its agencies still have a long way to go before they can begin gradually withdrawing support measures.

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