Live Updates: RBI Monetary Policy 2024 - Governor Shaktikanta Das Expected to Maintain Key Lending Rate Unchanged in April

Governor Shaktikanta Das to announce key lending rate decision for April, marking the first monetary policy announcement of the 2024-25 financial year by the Reserve Bank of India. The two-day review meeting of the RBI's Monetary Policy Committee (MPC) commenced on April 3 and concluded today, April 5. The RBI opted to maintain the key policy repo rate at 6.5% for the seventh consecutive time. The six-member MPC, chaired by Governor Das, also decided to uphold the policy stance at 'withdrawal of accommodation'. Additionally, the RBI projected India’s real GDP growth rate for FY25 at 7%, with CPI inflation estimated at 4.5%.

RBI Monetary Policy 2024 live updates

1)05 Apr 2024, 12:43:30 PM IST - RBI's April monetary policy announcement by Governor Shaktikanta Das highlighted that there are no system-wide problems, and actions are only taken on outlier cases. The RBI's supervision machinery regularly monitors banks and NBFCs, intervening with corrective actions when major deviations in regulations are observed.

2)05 Apr 2024, 12:38:52 PM IST - Governor Shaktikanta Das's statement mentioned that the RBI is building gold reserves as part of its reserve deployment strategy.

3)05 Apr 2024, 12:32:13 PM IST - Governor Das emphasized that further rate action is linked to the evolving path of inflation, with the RBI's monetary policy guided by domestic situations.

4)05 Apr 2024, 12:23:21 PM IST - RBI Deputy Governor Patra addressed the RBI's policy on foreign exchange risk management, emphasizing its consistency over the years. This insight into India's economic outlook for 2024 further illustrates the RBI's approach to financial governance.

5)05 Apr 2024, 12:12:45 PM IST - Governor Das acknowledged that the task on inflation is not yet complete, emphasizing the RBI's primary focus on financial stability and promoting the financial sector.

6)05 Apr 2024, 12:05:26 PM IST - Governor Das addressed the media after the announcement of the monetary policy.

7)05 Apr 2024, 11:51:56 AM IST - Sujan Hajra, Executive Director and Chief Economist at Anand Rathi Shares and Stock Brokers, commented on the RBI's stance towards rate cuts, highlighting its neutral policy stance to balance growth with inflation control.

8)05 Apr 2024, 11:36:54 AM IST - The RBI maintained the real GDP growth forecast for FY25 at 7% during its first bi-monthly committee meeting for FY24–25. Adjustments were made to GDP growth targets for different quarters.