The Reserve Bank of India is currently examining if there is a need to bring any change in the monetary policy framework and that, if required, it will talk to the government, Governor Shaktikanta Das said on Saturday.
“The monetary policy framework is in operation for the last three years. We are reviewing and analysing it internally as to how the MPC framework has worked. At an appropriate time, if required, we’ll have a discussion with the government,” said the RBI governor at a media conference after he met the Finance Minister on the customary Budget briefing.
“At the moment it (the framework) is under review within RBI,” he said.
On February 6, the six-member Monetary Policy Committee (MPC) headed by Das, for the second meeting in a row, kept the repo rate unchanged at 5.15 per cent but maintained the accommodative policy stance, which implies it was biased in favour of cutting the rate to boost growth.
At present, the Monetary Policy Committee meets every two months to discuss the economy.