Recently, the Reserve Bank of India (RBI) declared that its monetary policy committee (MPC), in June, will hold a three-day meeting. RBI has opposed the usual two-day schedule from their protocols.
During a press conference, Reserve Bank of India stated that the meeting would be held from June 4 to 6. This meeting got rescheduled from the last two-days meeting which had to be held on June 5 and 6.
The official statement of RBi reads, "Owing to certain administrative exigencies, the Second Bi-monthly Monetary Policy meeting for 2018-19 will now be held on June 4-6, 2018 instead of on June 5-6. There is no change in the dates of all other MPC meetings for the year 2018-19,"
Earlier, after an amendment was passed through the Finance Act, 2016, RBI six-member committee has been entrusted with the task of setting the benchmark on the interest rates. Before the establishment of the MPC, RBI Governor was responsible for setting the interest rate.
In April, during the announcement of the previous Bi-Monthly Monetary Policy, the MPC had kept the repo rate and reverse repo rate unchanged. They have stated both repo rate and reverse repo rate at 6 percent and 5.75 percent respectively. The Committee also projected real Gross Domestic Product (GDP) growth of 7.4 percent in FY19, as against 6.6 percent in FY18, reports ANI. Similarly, the second Bi-monthly Monetary Policy statement of this fiscal will be announced on June 6.