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Reserve Bank Governor Urjit Patel meets Finance Minister Arun Jaitley, discusses current economic situation

New Delhi: The Reserve Bank Governor Urjit Patel held a meeting with Finance Minister Arun Jaitley. According to reliable sources, It is being said that they have discussed the current economic situation in the country, ahead of the first bi-monthly monetary policy review next week.

This would be the first monetary policy announcement for 2018-19. Reportedly, Urjit  Patel held a meeting with Finance Minister Arun Jaitley on Thursday. The sources have given the information without divulging specific details.

The RBI is under pressure over cutting the interest rate in the wake of declining retail inflation and the need to fuel growth momentum.

Nevertheless, the Reserve Bank of India (RBI) would have to do a tightrope walk as global interest rates are moving northwards, experts opined. Currently, the key rate at which the RBI lends to banks is 6 percent. The six-member Monetary Policy Committee (MPC), is to meet on April 4 and 5 to decide the monetary policy.

The industry has been pitching for a cut in interest rate. The retail inflation based on the Consumer Price Index (CPI), which the RBI factors in while deciding policy rate, fell to a 4-month low of 4.44 percent in February. It was at 5.07 percent in January. 

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