Reserve Bank of India Monetary Policy Committee (MPC) Meeting Minutes

INR, Indian rupee
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The Reserve Bank of India (RBC) publishes Minutes of Monetary Policy Committee (MPC) Meeting on its official website 6 times a year, 14 days after each meeting of the Committee.

The minutes always include the following information:

  • Decisions adopted during the MPC meeting
  • Votes of the Committee members on adopted decisions
  • Statements of all Committee members regarding the adopted decisions

During the meetings, the MPC adopts decisions on repo and reverse repo rates. The meeting minutes provide a detailed information on the reasons which influenced the decision. This may include the global economic situation, including economic developments in separate countries, commodity prices (gold and oil), as well as the country's economy in terms of the main economic indicators, such as GDP, manufacturing, demand and output, import and export, prices and inflation.

Another important part of the publication is forecast of further economic development: inflation outlook and factors which may cause changes, outlook for GDP and CPI growth.

The Committee meeting minutes provide the most comprehensive economic information, financial outlooks and statements of all the committee members. Therefore, even if the interest rate has not changed, the opinions of the Committee members and a change in the distribution of votes can serve as a signal for future changes.