RBI MPC Meeting October 2023: Date, Time, How to Watch Live Press Conference, What to Expect

Financial experts anticipate that the Reserve Bank of India (RBI) will maintain the benchmark interest rate at 6.5 percent in its latest bi-monthly monetary policy review. The RBI Governor, Shaktikanta Das, chairs the Monetary Policy Committee (MPC), which began its three-day meeting on Wednesday, with the policy review set to be announced on Friday morning.

Date, Time, How to Watch Live Press Conference

The three-day meeting of the RBI's rate-setting panel started on Wednesday, October 4 and the policy review will unveil the MPC decision around 10 am on Friday (October 6).

RBI MPC Meeting Live Streaming Link: The central bank will live stream the RBI Governor's policy statement on RBI's YouTube channel or on RBI's official X (formerly Twitter) handle.

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What to Expect from the Meeting

According to D Joshi, Chief Economist at Crisil, inflation has risen since the last MPC meeting in August, while global factors, such as the assertive stance of the US Federal Reserve leading to higher yields, have turned somewhat adverse. In this context, the central bank is expected to keep policy rates unchanged. The RBI is likely to prioritize inflation, given the current robust economic growth and the need to closely monitor oil price fluctuations.

Joshi also indicated that interest rates are expected to remain on the higher side, suggesting that there may not be any rate cuts during this fiscal year.

The central government has tasked the Reserve Bank with maintaining Consumer Price Index (CPI)-based inflation at 4 percent, with a margin of 2 percent on either side. Retail inflation reached a 15-month high of 7.44 percent in July, driven by increased prices of vegetables and other food items, as per official data.

Siddhartha Sanyal, Chief Economist of Bandhan Bank, noted that the global macroeconomic situation remains complex, with uncertainties surrounding economic growth. This is likely to prompt the MPC to adopt a cautious approach, with a potential indication that rates will remain elevated for an extended period.

However, the moderation in the prices of agricultural commodities since August has provided the MPC with some leeway, allowing it to refrain from taking any immediate rate action, according to Aalesh Avlani, Founder and Director of CreditWise Capital. He also anticipates no changes in policy rates during the upcoming announcement.

The RBI had gradually increased the policy rate starting in May 2022, in response to the Russia-Ukraine conflict, eventually reaching 6.5 percent in February of the current year. In the last three bi-monthly monetary policy reviews, the RBI has maintained the rate unchanged.