RBI Chief Spoke to the Finance Minister, Reviewed Monetary Policy

The Monetary Policy Committee (MPC) will be meeting on the backdrop of India’s economic growth slowing to 7.1 per cent in 2016-17. Industry is awaiting the MPC's decisions on interest rate.

Ahead of the next monetary policy review, Reserve Bank Governor Urjit Patel discussed various macro economic issues with Finance Minister Arun Jaitley. This discussion is believed to be crucial for the interest rates of upcoming bi-monhly monetary policy.

RBI Governor usually meets Finance Minister before the monetary policy review. The six-member Monetary Policy Committee (MPC) of the RBI headed by Patel will meet on June 6 and 7 for the Second Bi- monthly Monetary Policy Statement for 2017-18. The resolution of the MPC will be placed on the website in the afternoon of June 7, the central bank said in a statement, reports PTI. Before meeting Jaitley, Patel had a meeting with Economic Affairs Secretary Tapan Ray.

The MPC will be meeting in the backdrop of India’s economic growth slowing to 7.1 per cent in 2016-17. Trade and industry is keenly awaiting the MPC decisions  on interest rate. On April 6, the Reserve Bank had left its benchmark lending rate unchanged at 6.25 per cent for the third monetary policy review in a row citing upside risk to inflation.

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