RBI Guv Urjit Patel meets Jaitley before monetary policy review

Ahead of the next monetary policy review, Reserve Bank Governor Urjit Patel on Friday met on Finance Minister Arun Jaitley and believed to have discussed various macro-economic issues.

RBI Governor usually meets Finance Minister before the monetary policy review.

The six-member Monetary Policy Committee (MPC) of the RBI headed by Patel will meet on June 6 and 7 for the Second Bi-monthly Monetary Policy Statement for 2017-18.

The resolution of the MPC will be placed on the website in the afternoon of June 7, the central bank said in a statement.

Before meeting Jaitley, Patel had a meeting with Economic Affairs Secretary Tapan Ray.

The MPC will be meeting in the backdrop of India’s economic growth slowing to 7.1 per cent in 2016-17.

Also Read | Indian banking system can be more robust with consolidation of some public sector banks: Urjit Patel

Trade and industry is keenly awaiting the MPC decisions on interest rate.

On April 6, the Reserve Bank had left its benchmark lending rate unchanged at 6.25 per cent for the third monetary policy review in a row citing upside risk to inflation.

Also Read: RBI Governor Urjit Patel to brief Parliamentary panel on demonetisation on June 8