What are the things controlled by RBI's MPC which affect your life, know the complete details

The decisions taken in the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) are going to be narrated today by RBI Governor Shaktikanta Das. All eyes are on the repo rate in the MPC meeting that lasted for three days (8 to 10 August).

Actually, you must be hearing about the MPC meeting of RBI in the last few days. In such a situation, today we tell you what works and what controls this MPC meeting.

Under the Reserve Bank of India (RBI) Act, 1934 (amended 2016), the RBI is responsible for conducting monetary policy in India with the primary objective of controlling growth and inflation. The MPC maintains price stability in light of growth and inflation in the country. Let us tell you that there are a total of 6 members in the committee, which is headed by the Governor of RBI.

The meeting of the Monetary Policy Committee (MPC) under the chairmanship of the Governor of RBI is held every two months. This committee takes policy decisions related to controlling inflation in the country, in which changes in the repo rate or decisions related to it are most important.

The repo rate is the rate at which RBI lends to commercial banks and other banks.

The MPC discusses inflation, inflation, growth rate and estimates of risks, the state of the economy, fiscal profit and loss, and various interest rates. This committee changes the repo rate, reverse repo rate, bank rate, CRR, SLR, SDF rate, and MSF rate as per the need.

The RBI governor had left the repo rate unchanged at 6.5 percent in the last MPC. RBI had said about the country's GDP that India's GDP growth rate could be 6.5 percent in the financial year 2023-24.

The governor while narrating the decision of the last MPC said that India's GDP growth could be 8 percent in the first quarter, 6.5 percent in the second quarter, 6 percent in the third quarter, and 5.7 percent in the fourth quarter.