The RBI currently reviews its stance on the monetary policy bi monthly i.e. once in every two months to make changes in the lending rate, discuss economy both global and national, give its commentary on the future growth expectations, etc. However it is free to make changes to policy in between the reviews if it feels necessary.
Earlier RBI used to announce its monetary policy only twice a year. This changed when Mr. Bimal Jalan took over as governor in 1997 from two reviews to quarterly reviews in a year. This was further changed by Mr. Y V Reddy took over and introduced a mid- quarter review, wherein the monetary policy meet was announced every 45 days. But finally, Mr. Urjit Patel announced a bi-monthly monetary policy review which is currently been followed by the RBI.
The Monetary Policy Committee (MPC) has a meeting of its 6 members – 3 from RBI (including Governor Shaktikanta Das) and 3 external members nominated by the Indian Government. The last RBI policy meet happened between 5-7 Feb, 2019. And the next is scheduled for April 2 to 4, with the policy announcement on April 4.