Mumbai, June 4 -- The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) will begin its three-day meeting on Wednesday in Mumbai to decide on the policy interest rates.

The meeting is being held under the chairmanship of RBI Governor Sanjay Malhotra. The outcome of the meeting will be announced on Friday, June 6.

This policy meeting comes at a time when inflation in the country has been steadily declining. India's retail inflation eased to 3.16 per cent in April, down from 3.34 per cent in March, according to official data released by the Ministry of Statistics and Programme Implementation.

With inflation now below the 4 per cent mark, the MPC is expected to take this into account while deciding the policy stance.

According...