RBI's reschedules Aug MPC meeting due to 'administrative exigencies'
Mumbai: Reserve Bank of India (RBI) Thursday said that the Monetary Policy Committee’s (MPC) meeting next month is rescheduled due to “administrative exigencies.”
The meeting has been postponed by a day and the MPC will now meet on August 3-5 instead of the previously scheduled August 2-4, said the RBI.
The rate-setting committee is expected to raise the key policy rate further, having raised the repo rate by 90 basis points in May and June meetings.
One bps equals one-hundredth of a percentage point.
The repo rate currently stands at 4.90 percent.