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Reserve Bank of India Governor Urjit R Patel will address the media following the sixth bi-monthly monetary policy where the six-member RBI Monetary Policy Committee (MPC) will decide if there is a need for a revision in the Repo Rate.
Repo rate, which is the rate at which banks borrow short-term funds from the central bank, now stands at 6 percent. Markets expect a 25 basis point rate cut on Wednesday after the MPC surprise December pause and demonetisation.
RBI will have more room to reduce benchmark rates following the government’s goal to keep the fiscal deficit target at 3.2 percent of the GDP in FY18.
Economists expect a 25 basis points cut in the repo rate with CPI inflation under control.
It is expected to be a close call for the Monetary Policy Committee and RBI Governor Urjit Patel.