RBI chief calls on finance minister before policy review

MPC headed by Patel will meet on October 3 and 4 to deliberate on the fourth bi-monthly monetary policy statement for 2017-18

RBI Governor Urjit Patel on Friday called on Finance Minister Arun Jaitley and is believed to have discussed macro-economic issues ahead of the October monetary policy review amid rate cut demands to boost sagging growth.

The six-member Monetary Policy Committee (MPC) headed by Patel will meet on October 3 and 4 in Mumbai to deliberate on the fourth bi-monthly monetary policy statement for 2017-18.

The RBI governor usually meets Union finance minister before the monetary policy review.

“The resolution of the MPC will be placed on the website at 2.30 pm on October 4,” the central bank said in a statement.

The RBI may stay on hold at its ensuing policy review meet next week as inflation is expected to trend higher in the coming months leaving little space for further easing, a Morgan Stanley report said on Friday.