Next meeting of rate-setting MPC scheduled for Jun 3-5: RBI

The Reserve Bank of India on Monday announced the calendar of the meetings of the Monetary Policy Committee (MPC) for the current financial year, and decision of the first meet will be announced on June 5.

The RBI governor-headed committee will meet for five times during the financial year 2020-21.

The previous MPC meeting was advanced in view of the COVID-19 outbreak to March 24, 26 and 27 from originally scheduled for March 31, April 1 and 3.

The MPC in the previous meeting decided to sharply cut the repo rate by 75 basis points as the coronavirus outbreak led to the lockdown in the country adversely affecting economic activities.

The six-member MPC has met for 22 times. The first meeting was held in October 2016.

As per the schedule announced by the RBI, the next Monetary Policy Committee meeting will take place during June 3 to 5. The MPC decision is announced on the last day of the meeting.

The other meetings will take place on August 4 to 6, 2020; September 29-30 and October 1, 2020; December 2 to 4, 2020; and February 3 to 5, 2021.

According to the Reserve Bank of India Act, 1934, the central bank is required to organise at least four meetings of the MPC in a year.