RBI MPC Live Updates: Central Bank Keeps The Repo Rate Unchanged At 6.5%, Policy Stance Changed To 'Neutral'

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By : ABP News Bureau  | Updated at : 09 Oct 2024 10:15 AM (IST)

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Key Events
10:15 (IST) Oct 09
Moderation In Inflation To Remain Slow And Uneven: Governor
10:12 (IST) Oct 09
RBI Governor Shaktikanta Das Keeps Repo Rate Unchanged
09:54 (IST) Oct 09
When And Where To Watch RBI Monetary Policy Meeting Live
09:45 (IST) Oct 09
Shift In Stance On Repo Rate Is Possible: Emkay Global Financial Services
09:23 (IST) Oct 09
Nifty Opens Above 25,000, Sensex Up 170 Points Ahead Of RBI MPC Announcements

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Business News Live: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the stock market, economy, and the corporate world.

The Reserve Bank of India (RBI) will announce the results of its Monetary Policy Committee (MPC) meeting on Wednesday. The MPC will convene to decide on the benchmark interest rate and discuss the future direction of the Indian economy. This bi-monthly meeting, chaired by RBI Governor Shaktikanta Das, was scheduled for October 7-9, 2024. The central bank last raised the repo rate in February 2023 and has kept key rates unchanged since then.

The outcome will be announced on Wednesday at approximately 10 AM. Visit the Reserve Bank of India's official website for press releases, meeting minutes, and related documents. Major updates will also be shared on the RBI's social media accounts on X and LinkedIn.

In the previous MPC meeting, held from August 6-8, the committee decided to maintain the benchmark interest rate at 6.5 per cent. This marked the ninth consecutive meeting where key rates remained unchanged. Experts suggest that the committee is expected to keep the repo rates the same this year as well.

Gaurav Goel, Entrepreneur SEBI registered Investment Advisor, said, "MPC has contradictory positions yet again to deal with respect to inflation and growth. We expect MPC to keep the repo rate unchanged at 6.5 per cent as has done in its last nine previous meeting. However, we do expect it to change the stance from “withdrawal of accommodation” to “neutral” and prepare a platform for rate cuts in their next MPC meetings in December 2024 and Feb 2025. We expect RBI to keep a hawk eye on emerging date particularly on inflation going forward and be nimble with policy making.”

"We do not expect any change in the repo rate or stance by MPC. The reason is that inflation for September and October will be above 5 per cent, and the present low inflation is due to the base effect. Besides, core inflation is inching upwards," said Madan Sabnavis, Chief Economist, Bank of Baroda. 

10:15 AM (IST)  •  09 Oct 2024

Moderation In Inflation To Remain Slow And Uneven: Governor

During the monetary policy announcement, RBI Governor Shaktikanta Das said moderation in inflation remains slow and uneven.

10:12 AM (IST)  •  09 Oct 2024

RBI Governor Shaktikanta Das Keeps Repo Rate Unchanged

The Reserve Bank of India (RBI) decided to keep the benchmark interest rate steady at 6.5 per cent on Wednesday, marking the tenth consecutive meeting without any changes to the rate. After assessing the macroeconomic conditions and future outlook, the Monetary Policy Committee (MPC) voted to keep the policy rate at 6.5 per cent, with 5 out of 6 members in favour, Governor Shaktikanta Das announced.

09:54 AM (IST)  •  09 Oct 2024

When And Where To Watch RBI Monetary Policy Meeting Live

RBI Governor Shaktikanta Das, who chairs the Monetary Policy Committee (MPC), is set to announce the outcomes of the three-day discussions by 10 am. People can watch him announce the repo rate decision live on RBI's YouTube channel and their X (formerly Twitter) page. ABP Live will also provide live updates from the press conference, along with insights on the implications for various sectors and the overall Indian economy.

09:45 AM (IST)  •  09 Oct 2024

Shift In Stance On Repo Rate Is Possible: Emkay Global Financial Services

Emkay Global Financial Services suggests that a shift in stance during the upcoming meeting is possible, which could be interpreted by the market as a signal to create room for future rate cuts. However, the RBI is likely to emphasise its commitment to being "actively disinflationary" and will adopt a wait-and-watch approach to evaluate various macroeconomic factors.

09:23 AM (IST)  •  09 Oct 2024

Nifty Opens Above 25,000, Sensex Up 170 Points Ahead Of RBI MPC Announcements

Ahead of RBI MPC announcements, Indian benchmark indices opened higher on Wednesday, with Nifty nearing 25,000. The Sensex rose by 137.02 points, or 0.17 per cent, to reach 81,771.83, while the Nifty increased by 43.60 points, or 0.17 per cent, to stand at 25,056.80. Advancements were seen in 2,046 shares, 498 shares declined, and 89 remained unchanged.

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