-Repo rate remains unchanged at 6.5%
-Decision to pause rate hikes is for this meeting only 3 FY24 GDP growth estimate at 6.5%
-Inflation has softened, but remains above tolerance level
-Headline inflation expected to moderate in 2023-24
RBI MPC 2023 Highlights: RBI Monetary Policy Key Highlights
-Repo rate remains unchanged at 6.5%
-Decision to pause rate hikes is for this meeting only 3 FY24 GDP growth estimate at 6.5%
-Inflation has softened,but remains above tolerance level
-Headline inflation expected to moderate in 2023-24
RBI MPC 2023 Live: Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research somments on MPC decision
-"In our opinion, this has been primarily induced by the turbulence in the global banking sector brought about by the failures of a few regional banks in US and the potential contagion risks in other parts of the world," she says.
-Nevertheless, the communication from RBI has highlighted that the war with inflation is not yet over and the MPC will be ready to take any further hike in rates if the concerns on inflation increase further, she adds.
RBI Monetary Policy 2023 Live: Headline inflation aligns to core inflation, Michael Patra
-"Our research has found that headline inflation aligns to core inflation. Our sense is that both will moderate," says RBI Deputy Governor Michael Patra.
-"The rate actions taken so far have already started taking effect. Credit (growth) is slowing…," he adds.
RBI Monetary Policy 2023 Live: RBI Governor Shaktikanta Das speaks about the country's digital presence
-RBI Governor Shaktikanta Das states that India has made phenomenal progress in the digital payments space, in the last few years.
RBI Monetary Policy 2023 Live: RBI policy key takeaways
-Decision to pause on repo rate is only for this meeting only
-5 out of 6 voted for MPC stance decision to stay focused on withdrawal of accommodation
-RBI ready to act if the situation so warrants
-FY24 GDP forecast projected at 6.5%
-FY24 inflation forecast lowered to 5.2% from 5.3
RBI Monetary Policy 2023 Live: RBI Deputy Governor M Rajeshwar Rao addresses the meeting
-"Banks are expected to make provisions for expected losses and for standard losses they are required to make additional provisions based on their ability. There is no change on that," he says.
RBI Monetary Policy 2023 Live: RBI Deputy Governor T Rabi Sankar addresses the meeting
-"We are seeing interest from countries and banks for rupee trade settlement. Initial processes are on and they are encouraging. Some transactions have happened, yes. But this is a long-term objective," he says.
RBI Monetary Policy 2023 LIVE: Don’t take it as a pause for several next meetings, says RBI Governor Shaktikanta Das
RBI Monetary Policy 2023 Live: "The upward revision in the FY24 GDP growth forecast to 6.5% from 6.4% is because of the cut in our assumption of crude oil prices to $85 per barrel," says RBI Deputy Governor Michael Patra
RBI Monetary Policy 2023 Live: Average inflation for FY24 is 5.2% and our target is 4%, says RBI Governor
-"Average inflation for FY24 is 5.2% and our target is 4%. Given the current confluence of factors today, we have taken the decision to pause. We have to remember that 4% is our target. I don’t want to commit myself to something by saying ‘I’ll do this if this happens’," says RBI Governor Shaktikanta Das
RBI Monetary Policy 2023 Live: RBI Deputy Governor MK Jain speaks about the SVB crisis
"As of now, the Indian banking system remains strong and healthy. The Governor has said it is an evolving situation and we are living in uncertain times. But I would like to add that prudential regulations are applied uniformly for Indian commercial banks irrespective of their size," he says.
RBI Monetary Policy 2023 Live: Today’s policy decision is a pause, not a pivot, says the RBI Governor
"The MPC remains watchful and will not hesitate to take further action in its future meetings, as and when necessary. So, the job is not finished," says Shaktikanta Das
RBI Monetary Policy 2023 Live: RBI Governor Shaktikanta Das gives the first monetary policy address for the new financial year FY24
RBI Monetary Policy 2023 Live: Paritosh Kashyap, President & Head -Wholesale Bank at Kotak Mahindra Bank comments on the MPC decision
-"RBI positively surprised the markets by keeping policy rates unchanged. The governor justified the pause, citing global economic headwinds and the rationale that the cumulative rate hikes of 250 bps will certainly work with a lag to bring down inflation. While global and domestic concerns still persist over growth and inflation we see a pause in policy rates for a prolong period," he says.
-"Overall the bond markets has cheered today's development and we will have to wait and watch how India Inc plans their future course of action on capex, as the uncertainty of rate hikes is behind us," he says.
RBI Monetary Policy 2023 Live: Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS comments on MPC decision
-“The RBI’s decision to keep policy rates unchanged versus a consensus expectation of a 25 bps rate hike was surprising and hints at the regulator's focus on maintaining growth. While the pause is purely for this policy, the regulator has not ruled out any further rate hikes, if need be, and would be largely data-driven," says the Chief Investment Officer.
RBI Monetary Policy 2023 Live: Sanjay Palve, Senior MD, Essar Capital Ltd. comments on MPC decision
"The RBI monetary policy highlights the central bank's commitment to maintaining price stability while supporting economic growth. The committee’s decision to keep the repo rate unchanged at 6.50% was on expected lines," he says.
-He feels that despite the volatility, the banking and non-banking financial service sector in India has maintained its health, while financial markets have shown tremendous resilience despite global uncertainty and Russia- Ukraine war. The cautious stance of the country's economic recovery was evident in the RBI’s announcement on the projection of inflation and GDP growth for FY24.
RBI Monetary Policy 2023 Live: Upasna Bhardwaj, Chief Economist, Kotak Mahindra Bank comments on MPC decision
-"Upasna Bhardwaj, Chief Economist, Kotak Mahindra Bank: “RBI’s pause comes despite the previous readings being elevated above 6 percent. Given today’s policy decision we expect the RBI to maintain an extended pause and evaluate the lagged impact of previous rate hikes and global uncertainties on growth-inflation dynamics," she says.
RBI Monetary Policy 2023 Updates: Madhavi Arora, Emkay Global Financial Services comments on MPC decision
-“The unchanged policy rate and stance has been met by non-committal forward guidance, clearly giving more stress to fluid and uncertain global situation, implying macro assessments might require appropriate adjustments ahead from the policy perspective. However, the Governor stressed that their inflation fight is not over and we are still away from durable disinflation with unyielding core inflation still a concern," she says.
-"We think it appears to be a pause for good especially as the ex-ante real rates looking around 1.1 percent – keeping our one-year forward inflation forecast as anchor, giving them comfort and flexibility on their supposed stance and actions ahead," she adds.
RBI Monetary Policy 2023 Updates: Nilesh Shah, MD, Kotak Mahindra comments on the MPC decision
-“The RBI’s pause is like Sachin stroke on a tricky pitch but with eyes set in and having the luxury of hitting the ball where ever he wanted. The RBI had the option of a rate hike or a pause. The pause was not entirely unexpected," says the MD.
-"The RBI will watch developments and data before taking the next call. The market expects the RBI to fetch maximum run and win the match on inflation and growth, no mater which Direction they hit the ball," he adds.
RBI Monetary Policy 2023 Updates: Aurodeep Nandi, India Economist, Nomura comments on the MPC decision
-Aurodeep Nandi, India Economist, Nomura “Enough (tightening) might just be enough was the overarching message from the RBI in the April meeting. We were out of consensus in forecasting that the RBI would pause and keep stance at ‘withdrawal of accommodation’ – which is exactly what was delivered.
He feels that this reflects a forward looking monetary policy that takes into cognizance elevated global growth risks, under-control inflation trajectory, and the need to wait-and-watch and assess the impact of the sharp policy tightening already delivered. However, the RBI has keep the door open to further action if macro conditions change, also in line with our expectations.
-"We maintain our view of a policy pause hereon and 75 basis points of rate cuts, starting from October," he adds.
RBI Monetary Policy 2023 Updates: What experts are saying
The economy seems to be in good shape and a pause in rates at 6.5 per cent that is not an unusually high number for domestic markets so we don’t see any material impact on the stock market but second order consumption impact we will be watching closely.
Anil Rego- Founder and Fund Manager at Right Horizons PMS
RBI Monetary Policy 2023 Live: Indian rupee falls below 82/USD
The Indian rupee declined against the U.S. dollar after the Reserve Bank of India (RBI) unexpectedly kept the repo rate unchanged.
The rupee declined to an intraday low of at 82.06 per U.S. dollar versus 81.88 before the RBI policy announcement.
RBI Monetary Policy 2023 Updates: India bond yields crash
Indian government bond yields plunged on Thursday, after the Reserve Bank of India, in an unexpected move, kept policy rates unchanged, against wide expectations of a seventh consecutive rate hike. The 10-year benchmark 7.26% 2032 bond yield was at 7.1987% as of 10:35 a.m. IST, after closing at 7.2750% on Wednesday. The yield fell to 7.1469% after the decision, against 7.2857% before that. The liquid five-year 7.38% 2027 bond yield crashed as much as 16 bps to 7.01% after the policy decision.
RBI Monetary Policy 2023 Updates: What experts are saying
The RBI Governor's announcement regarding the projection of inflation and GDP growth for FY24 shows a cautious approach towards the country's economic recovery. The focus on the gradual and sustainable "withdrawal of accommodation" is essential for ensuring that the current growth momentum is maintained in the long run.
Sonam Srivastava- Founder at Wright Research- an investment advisory firm
RBI Monetary Policy 2023 Updates: RBI On Inflation
FY24 inflation forecast lowered to 5.2% from 5.3%
Inflation globally has moderated, but descent to target is long
War on inflation has to continue
Headline inflation moderating but remains above target
Adverse climate conditions a risk to inflation trajectory
RBI Monetary Policy 2023 Live: Indian shares gain
Indian shares reversed early losses on Thursday, after the Reserve Bank of India kept key policy rates unchanged "to assess the progress made so far" in tackling inflation. The Nifty 50 was up 0.15% at 17,582.95 as of 10:14 a.m. IST, while the S&P BSE Sensex rose 0.18% to 59,795.93. Both the benchmarks had fallen 0.3% ahead of the RBI's rate decision.
RBI Monetary Policy 2023 Live
Inward remittances by NRIs hit a record high of $107 billion in 2022: Guv Das
RBI Monetary Policy 2023 Live
RBI Governor Shaktikanta Das: We are keeping a close watch on the banking sector turmoil in some developed countries.
RBI Monetary Policy 2023 Live: War against inflation
RBI Governor Shaktikanta Das: While MPC has kept policy rate unchanged…our job is not yet finished and war against inflation has to continue until we see a durable decline in inflation closer to the target.
RBI MPC Meet 2023 Live Updates: Inflation
RBI Governor Shaktikanta Das: 2023-24 CPI inflation forecast lowered to 5.2% from 5.3% previously
RBI Governor Shaktikanta Das: April-June 2023 CPI inflation forecast raised to 5.1% from 5.0% previously
RBI Governor Shaktikanta Das: July-September 2023 CPI inflation forecast retained at 5.4%
RBI Governor Shaktikanta Das: October-December 2023 CPI inflation forecast retained at 5.4%
RBI Governor Shaktikanta Das: January-March 2024 CPI inflation forecast lowered to 5.2% from 5.6% previously
RBI MPC Meet 2023 Live Updates: GDP
RBI Governor Shaktikanta Das: April-June 2023 GDP growth forecast retained at 7.8%
RBI Governor Shaktikanta Das: July-September 2023 GDP growth forecast retained at 6.2%
RBI Governor Shaktikanta Das: October-December 2023 GDP growth forecast raised to 6.1% from 6.0% previously
RBI Governor Shaktikanta Das: January-March 2024 GDP growth forecast changed to 5.9% from 5.8% previously
RBI MPC Meet 2023 Live Updates
RBI Governor Shaktikanta Das: 2023-24 GDP growth forecast raised to 6.5% from 6.4% previously
RBI MPC Meet 2023 Live Updates
RBI Governor Shaktikanta Das: The present policy rate can still be regarded as accommodative
RBI MPC Meet 2023 Live Updates: RBI takes a pause
RBI Governor Shaktikanta Das: MPC will not hesitate to take further action as maybe required in its further meetings
RBI Governor Shaktikanta Das: It is now necessary to evaluate the cumulative action of past rate hikes
RBI Governor Shaktikanta Das: MPC’s decision to pause on repo rate is for this meeting only
RBI MPC Meet 2023 Live Updates
RBI Governor Shaktikanta Das: MPC’s decision to leave repo rate unchanged at 6.5% was unanimous
RBI MPC Meet 2023 Live Updates
RBI Governor Shaktikanta Das: MPC voted to leave the repo rate unchanged at 6.5%
RBI MPC Meet 2023 Live Updates:
RBI Governor Shaktikanta Das: Global economy now facing renewed phase of turbulence
RBI Monetary Policy 2023 Live:
Inflation
Core inflation, which excludes volatile food and energy components, was also expected to have stayed high between 6.05%-6.12% in February, according to estimates from three economists.
Unseasonal rains could keep food prices high and a surprise decision by OPEC and its allies to cut output recently has also pushed up oil prices which could add to imported inflation.
RBI Monetary Policy 2023 Live: Elevated level of core inflation
"The need for another rate hike is driven by elevated level of core inflation which has remained near or above 6% since middle of 2021," said Gaura Sen Gupta, an economist with IDFC FIRST Bank.
RBI Monetary Policy 2023 Live: Bond Yields
There is anticipated to be minimal movement in government bond yields during the early session on Thursday. The yield for the 10-year benchmark 7.26% 2032 bond is predicted to remain in the 7.26 to 7.30% range until the policy decision, following a close of 7.2750% on Wednesday.
RBI MPC Meeting Live: Gold prices surge
Gold prices extended gain on Wednesday with spot gold at Comextrading up by 0.09% at $2023 per ounce in morning trade. Comex spot gold prices surged more than 1.80% at $2025 per ounce on Tuesday highest level since March 2022 on back of lower-than-estimated US Jolts job opening data.
RBI Monetary Policy Meet 2023 Live: Current rate hike cycle
The MPC, in the current rate hike cycle starting in May 2022, has hiked the repo rate by 250 basis points, taking the policy rate to 6.5 percent.
A majority of MPC members, in the last 4-5 meetings, agreed on the rate raises to keep inflation under check. Jayanth Varma is the sole member who voted for a rate pause in the last couple of meetings.
RBI Monetary Policy 2023 Live: Rupee
India’s currency will appreciate to 79 per dollar by the end of the fiscal year in March 2024, stronger than the earlier prediction of 82, according toUBS Group.
RBI MPC Meet 2023 Live Updates: RBI's stance
According to the Reuters Poll, out of 36 respondents, 20 expect the central bank to continue its 'withdrawal of accommodation' stance, while the remaining 16 predict a shift towards a neutral stance.
RBI Monetary Policy 2023 Live: Markets
On Thursday, Indian stocks are expected to start the day on a downward trend, as the Reserve Bank of India is anticipated to execute the last interest rate increase in the current cycle.
RBI Monetary Policy 2023 Live: Growth
According to data released on February 28, India's GDP growth fell to 4.4 percent in October-December as the favourable base effect continued to fade. However, the government and the RBI have defended the economy's prospects, saying it is well-positioned going into 2023-24.
High-frequency data – particularly the services Purchasing Managers' Index – has been more supportive of the policymakers' assessment of growth.
RBI Monetary Policy Meet Live:
The three-day meeting of the Reserve Bank of India's Monetary Policy Committee started on April 3. Headed by Governor Shaktikanta Das, the committee is scheduled to announce its decision at 10:00 am on April 6.
RBI Monetary Policy Meet 2023 Live:
The April monetary policy by RBI is being announced at a time when central banks around the world are grappling with a challenging situation of controlling inflation, promoting economic growth, and addressing the banking sector crisis.
RBI MPC Meeting Live:
Retail inflation stood at 6.44 percent in February, down from 6.52 percent in January but has stayed above the central bank’s comfort level of 6 percent.
RBI MPC Meet 2023 Live Updates:
What will the outcome as far as the rate decision is concerned? The consensus among economists is that the MPC will hike rates by a quarter point to 6.75 percent and call it the end of current rate hike cycle. The other view is that there won’t be a rate hike on Thursday and the MPC will finally settle for a pause.
