RBI unlikely to cut rates in 2024 amid food inflation uncertainty: SBI

The Reserve Bank is unlikely to ease the benchmark policy rate during 2024 given the uncertainty over food inflation, State Bank of India (SBI) chairman C S Setty has said.

The US Federal Reserve's first cut in interest rates in more than four years is expected soon, triggering central banks in other economies to follow suit.

"On the rate front, a lot of central banks are taking independent calls. While Fed rate cut would influence everyone, RBI would be mindful of the food inflation before taking a call on interest rate cut," Setty, who took over the reins of the bank recently, told PTI in an interview.

"That is what our view is, and our view is also that the rate cut during the current calendar year may not happen, probably we may have to wait for Q4 (January-March 2025) unless there is a good improvement in terms of food inflation," he said.

The Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das is scheduled to meet during October 7-9 and take a call on inter