{"id":136083,"date":"2024-10-07T19:56:17","date_gmt":"2024-10-07T14:26:17","guid":{"rendered":"https:\/\/pwonlyias.com\/stage\/?post_type=current-affairs&#038;p=136083"},"modified":"2024-10-08T18:43:25","modified_gmt":"2024-10-08T13:13:25","slug":"monetary-policy-committee","status":"publish","type":"current-affairs","link":"https:\/\/pwonlyias.com\/stage\/current-affairs\/monetary-policy-committee","title":{"rendered":"RBI Monetary Policy: RBI MPC keeps Repo Rate Unchanged at 6.5%"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The <a href=\"https:\/\/pwonlyias.com\/stage\/reserve-bank-of-india-rbi\/\" target=\"_blank\" rel=\"noopener\">Reserve Bank of India\u2019s (RBI)<\/a> newly reconstituted Monetary Policy Committee (MPC), which is scheduled to meet from October 7-9, is likely to keep the repo rate\u00a0 unchanged at 6.5 per cent.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This would be the tenth consecutive monetary policy when the repo rate would have been left untouched.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-size: 18pt;\"><b>About Monetary Policy Committee (MPC)<\/b><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mission<\/b><span style=\"font-weight: 400;\">: To determine the <\/span><b>benchmark policy interest rate (repo rate)<\/b><span style=\"font-weight: 400;\"> with the goal of maintaining <\/span><b>inflation within a specific target<\/b><span style=\"font-weight: 400;\"> while fostering <\/span><b>economic growth<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Framework<\/b><span style=\"font-weight: 400;\">: Established to maintain <\/span><b>price stability<\/b><span style=\"font-weight: 400;\"> under a formal structure, while also pursuing economic growth objectives.<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Formed based on the <\/span><b>Urjit Patel Committee recommendation<\/b><span style=\"font-weight: 400;\">..<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Provision for MPC<\/b><span style=\"font-weight: 400;\">: Established under <\/span><b>Section 45ZB<\/b><span style=\"font-weight: 400;\"> of the amended <\/span><b>RBI Act, 1934<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">First constituted on <\/span><b>September 29, 2016<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span class=\"vc_button\"><a href=\"https:\/\/store.pw.live\/govt-entrance-exams\/upsc-books\/upsc-modules?utm_source=SEO&#038;utm_medium=PW+Live&#038;utm_campaign=UPSC+Modules\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Check Out UPSC Modules From PW Store<\/span><\/a><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Composition<\/b><span style=\"font-weight: 400;\">: It has <\/span><b>6 members <\/b><span style=\"font-weight: 400;\">including the Chairman.<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>3 members<\/b><span style=\"font-weight: 400;\"> from the RBI.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>3 government-nominated external members<\/b><span style=\"font-weight: 400;\">.<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"3\"><span style=\"font-weight: 400;\">Three<\/span><b> new <\/b><span style=\"font-weight: 400;\">external members <\/span><b>Ram Singh<\/b><span style=\"font-weight: 400;\">, <\/span><b>Saugata Bhattacharya<\/b><span style=\"font-weight: 400;\">, and <\/span><b>Nagesh Kumar<\/b><span style=\"font-weight: 400;\">, have been appointed replacing previous members whose tenures ended in early October 2024.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">The <\/span><b>Governor of the RBI<\/b><span style=\"font-weight: 400;\"> serves as the<\/span><b> ex-officio Chairman.<\/b><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Meeting Frequency<\/b><span style=\"font-weight: 400;\">: The MPC is required to meet <\/span><b>at least four times a year<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Quorum<\/b><span style=\"font-weight: 400;\">: A minimum of <\/span><b>four members<\/b><span style=\"font-weight: 400;\"> is required for a valid meeting.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Voting<\/b><span style=\"font-weight: 400;\">: Each member has <\/span><b>one vote<\/b><span style=\"font-weight: 400;\">.<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">In case of a tie, the <\/span><b>Governor has a second or casting vote<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Statement of Vote<\/b><span style=\"font-weight: 400;\">: Each member must submit a <\/span><b>statement<\/b><span style=\"font-weight: 400;\"> explaining the reasons for their vote.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Monetary Policy Report<\/b><span style=\"font-weight: 400;\">: The RBI issues a <\/span><b>Monetary Policy Report<\/b><span style=\"font-weight: 400;\"> every <\/span><b>six months<\/b><span style=\"font-weight: 400;\">, explaining the origins of inflation and providing inflation estimates for the next <\/span><b>6-8 months<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<div class=\"vc_table_green\"><\/p>\n<table style=\"width: 100.043%;\">\n<tbody>\n<tr>\n<td style=\"width: 130.811%; text-align: center; border-style: solid; border-color: #000000;\" colspan=\"2\"><span style=\"font-size: 18pt;\"><b>Must Read<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 50.5357%; text-align: center; border-style: solid; border-color: #000000;\"><a href=\"https:\/\/pwonlyias.com\/stage\/editorial-analysis\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">UPSC Daily Editorials<\/span><\/a><\/td>\n<td style=\"width: 80.2753%; text-align: center; border-style: solid; border-color: #000000;\"><a href=\"https:\/\/pwonlyias.com\/stage\/daily-current-affairs\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">UPSC Daily Current Affairs<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 50.5357%; text-align: center; border-style: solid; border-color: #000000;\"><a href=\"https:\/\/store.pw.live\/govt-entrance-exams\/upsc-books\/upsc-textbooks?utm_source=SEO&#038;utm_medium=PW+Live&#038;utm_campaign=UPSC+Textbooks\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Check Out UPSC NCERT Textbooks From PW Store<\/span><\/a><\/td>\n<td style=\"width: 80.2753%; text-align: center; border-style: solid; border-color: #000000;\"><a href=\"https:\/\/store.pw.live\/govt-entrance-exams\/upsc-books\/upsc-modules?utm_source=SEO&#038;utm_medium=PW+Live&#038;utm_campaign=UPSC+Modules\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Check Out UPSC Modules From PW Store<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 50.5357%; text-align: center; border-style: solid; border-color: #000000;\"><a href=\"https:\/\/store.pw.live\/govt-entrance-exams\/upsc-books\/upsc-previous-year-papers?utm_source=SEO&#038;utm_medium=PW+Live&#038;utm_campaign=UPSC+Previous+Year+Papers\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Check Out Previous Years Papers From PW Store<\/span><\/a><\/td>\n<td style=\"width: 80.2753%; text-align: center; border-style: solid; border-color: #000000;\"><a href=\"https:\/\/pwonlyias.com\/stage\/upsc-test-series-courses\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">UPSC Test Series 2024<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 50.5357%; text-align: center; border-style: solid; border-color: #000000;\"><a href=\"https:\/\/pwonlyias.com\/stage\/quiz\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Daily Current Affairs Quiz<\/span><\/a><\/td>\n<td style=\"width: 80.2753%; text-align: center; border-style: solid; border-color: #000000;\"><a href=\"https:\/\/pwonlyias.com\/stage\/mains-answer-writing\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Daily Main Answer Writing<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 130.811%; text-align: center; border-style: solid; border-color: #000000;\" colspan=\"2\"><a href=\"https:\/\/store.pw.live\/govt-entrance-exams\/upsc-books?utm_source=SEO&#038;utm_medium=PW+Live&#038;utm_campaign=UPSC+CSE+Books\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Check Out UPSC CSE Books From PW Store<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India\u2019s (RBI) newly reconstituted Monetary Policy Committee (MPC), which is scheduled to meet from October 7-9, is likely to keep the repo rate  unchanged at 6.5 per cent.<\/p>\n","protected":false},"author":11,"featured_media":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"tags":[],"paper-wise":[],"subject":[],"acf":[],"_links":{"self":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/136083"}],"collection":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs"}],"about":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/types\/current-affairs"}],"author":[{"embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/comments?post=136083"}],"version-history":[{"count":5,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/136083\/revisions"}],"predecessor-version":[{"id":136219,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/136083\/revisions\/136219"}],"wp:attachment":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/media?parent=136083"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/tags?post=136083"},{"taxonomy":"paper-wise","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/paper-wise?post=136083"},{"taxonomy":"subject","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/subject?post=136083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}