Fifth Bi-monthly Monetary, 2017-18 by Monetary Policy Committee (MPC)

Monetary Policy Committee (MPC) decided-
  • Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0 per cent.
  • Reverse repo rate under the LAF remains at 5.75%.
  • Marginal standing facility (MSF) rate and the Bank Rate at 6.25%.
  • CRR-4% and SLR-19.5%
  • Objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2%, while supporting growth.
  • The unemployment rate fell to 4.1% in October, the lowest in the last 17 years.
  • Inflation is estimated in the range 4.3-4.7% in Q3 and Q4 of this year.
  • Projection of real GVA growth for 2017-18 of the October resolution at 6.7%.
  • The MPC remains committed to keeping headline inflation close to 4% on a durable basis.
  • Chetan Ghate, Dr. Pami Dua, Dr. Michael Debabrata Patra, Dr. Viral V. Acharya and Dr. Urjit R. Patel were in favour of the monetary policy decision, while Dr. Ravindra H. Dholakia voted for a policy rate reduction of 25 basis points.
  • The next meeting of the MPC is scheduled on February 6 and 7, 2018.

Monetary Policy Committee (MPC) MEMBERS-
  1. Governor of the Reserve Bank of India – Chairperson, ex officio – Urjit Patel
  2. Deputy Governor of the Bank, in charge of Monetary Policy—Member, ex officio – Viral A Acharya
  3. One officer of the Reserve Bank of India to be nominated by the Central Board – Member, ex officio – Michael Patra
  4. Shri Chetan Ghate, Professor, Indian Statistical Institute (ISI) – Member
  5. Professor Pami Dua, Director, Delhi School of Economics – Member
  6. Ravindra H. Dholakia, Professor, Indian Institute of Management, Ahmedabad – Member

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