The Monetary Policy Committee (MPC), which decides on key interest rates, will meet six times during the current financial year.
The government had moved the interest rate-setting role from the RBI governor to the six-member MPC in 2016. As per the Reserve Bank of India Act, 1934, the central bank is required to organize at least four meetings of the MPC in a year.
The committee, which is headed by RBI Governor Shaktikanta Das, comprises of six members. Of which three members are external independent members including Dr. Shashanka Bhide, Senior Advisor, National Council of Applied Economic Research, Delhi; Dr. Ashima Goyal, Professor, Indira Gandhi Institute of Development Research, Mumbai; Professor Jayanth R. Varma, Professor, IIM, Ahmedabad.
The other three members are from the Reserve Bank of India including Dr. Mridul K. Saggar, Executive Director; Dr. Michael Debabrata Patra, Deputy Governor, RBI and Shri Shaktikanta Das, Governor, RBI
The first meeting of the six-member MPC to decide on the first bi-monthly monetary policy statement for 2021-22 will be held from April 5 to 7. The policy will be announced on April 7.
Here’s the MPC meet calendar for FY22
| RBI Policy Meet Calendar FY22 |
| Policy Review Meet |
Dates (2021-2022) |
| First bi-monthly policy meet |
April 5-7 |
| Second bi-monthly policy meet |
June 2-4 |
| Third bi-monthly policy meet |
August 4-6 |
| Fourth bi-monthly policy meet |
October 6-8 |
| Fifth bi-monthly policy meet |
December 6-8 |
| Sixth bi-monthly policy meet |
February 7-9 |
The primary objective of monetary policy is to maintain price stability while keeping in mind the objective of growth. The MPC determines the policy interest rate required to achieve the inflation target.
