Taking a courtesy call, RBI Governor meets the FM Jaitley ahead of the monetary policy..!

NewsBharati    25-Mar-2019
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Mumbai, March 25: Discussing the current economic situation, ahead of the first bi-monthly monetary policy for 2019-20, RBI Governor Shaktikanta Das on Monday met Finance Minister Arun Jaitley. "It was a courtesy meeting, there is a tradition of RBI Governor meeting the Finance Minister before monetary policy, so it is part of that," Das said after the meeting.

 
The meeting of the six-member Monetary Policy Committee (MPC) to decide on the first bi-monthly policy statement for 2019-20 will be held from April 2 to 4, which will be announced on 4th of April. The bi-monthly policy assumes significance as it will be announced just a week before the commencement of the seven-phase general elections beginning April 11.
Retail inflation inched up to a four-month high of 2.57 per cent in February, though it is still below the RBI's benchmark, raising hopes of another round of rate cut to boost industrial growth, which slipped to 1.7 per cent on account of manufacturing sector slowdown.
While the RBI cut the interest rate in its February monetary policy after a gap of 18 months, industry has started clamouring for another rate cut as retail inflation is below the RBI's benchmark of 4 per cent and need for boosting growth is pressing.
According to the statement, the governor had held meeting with top officials of public and private sector banks to discuss rate transmission and persuade them to pass on the benefit of lower interest rates to the consumers.