It
may be sheer coincidence that all monetary policy reviews by RBI
Governor Raghuram Govind Rajan this fiscal have taken place on
Tuesdays and this would be the case for the upcoming review this week
as well. In the current fiscal beginning April 1, 2014, Rajan has
undertaken four monetary policy reviews so far and the fifth would
take place on December 2, with all these five being on Tuesdays. The
former chief economist of IMF, who took over as RBI Governor on
September 4, 2013, came out with four policy reviews during the
previous fiscal as well and two of them took place again on Tuesdays.
The other two reviews by Rajan were on Wednesday and Friday last
fiscal. As a result, six out of eight monetary policies announced by
him during his entire tenure so far have been on Tuesdays. The ninth
review, scheduled for this week, takes place on a Tuesday where RBI
is widely expected to keep the benchmark rate unchanged.
Incidentally, Rajan has maintained the benchmark interest rate in all
four reviews so far in the current fiscal citing high inflation, even
as there has been a growing clamour for rate cuts by industry, the
government and economists among others. Surprising the industry and
analysts completely, the RBI Governor in his first policy review in
September last year raised the short-term policy (repo) rate by 0.25
per cent to 7.5 per cent to keep "worrisome" inflation
under check. His fight against stubborn inflation gained pace the
following month as well when he again hiked the repo rate by a
quarter of a percentage point to 7.75 per cent. Rajan put a pause on
rate hike on December 18, 2013 but said the RBI will hike interest
rates if inflation does not subside in line with the expected
declining trend. Not happy with the inflation trend, RBI did hike
repo rate by 0.25 per cent the very next month that is in January 29,
2014 by 0.25 per cent to 8 per cent. Since then, the central bank has
left its benchamark rate unchanged despite pressure from all
quarters.
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