RBI's monetary policy review underway

Thu 04 Aug 2022, 11:59:45
New Delhi: The three-day Reserve Bank of India’s monetary policy committee meeting commenced on Wednesday and it is highly likely the six-member panel will go for another interest rate hike to curb rising domestic inflation.

In line with the global trend of monetary policy tightening to cool off inflation, the RBI has so far hiked the key repo rates — the rate at which the central bank of a country lends money to commercial banks — by 90 basis points to 4.90 per cent.

The outcome of the ongoing RBI

meeting will be announced on Friday.

India’s retail inflation has been over the Reserve Bank of India’s upper tolerance band of 6 per cent for the sixth consecutive month in a row in June. Retail inflation was at 7.01 per cent in June.

Wholesale inflation was at 15.18 per cent in June, marginally lower than the 15.88 per cent reported during the previous month. The Wholesale Price Index (WPI) based inflation has been in the double-digit for 15 months in a row now.

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