The Reserve Bank of India's rate-setting monetary policy committee (MPC) on Tuesday began its three-day long deliberations on deciding the key repo rates.

The panel will announce, on June 8, its decision whether to hold the rates (which it had done during it's previous meeting in April) or revise them upwards or cut them.

In April, the MPC had kept the benchmark interest rates unchanged at 6.5 per cent on the back of easing retail inflation and the need to push economic growth.

Earlier, the RBI had cumulatively hiked the repo rate by 250 basis points since May 2022 in a bid to contain inflation.

The MPC is meeting in the backdrop of retail inflation declining to an 18-month low of 4.7 per cent in April.

RBI Governor Shaktikanta Das heads the six-member MPC.

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