RBI reschedules MPC meeting; new dates to be announced shortly

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The Reserve Bank of India has rescheduled the Monetary Policy Committee (MPC) meeting and will announce the new dates shortly, the central bank said on September 28.

The six-member MPC was expected to announce its policy decision on October 1 after meeting for three days. The original meeting dates were September 29 to October 1.

While the central bank's statement did not specify a reason for the rescheduling, it is likely because the three external members have not yet been appointed.

Also read: RBI policy meet | MPC likely to adopt wait-and-watch approach

The tenures of three external members of the MPC - Ravindra Dholakia, Pami Dua and Chetan Ghate - have ended. The names of the new members are yet to be announced.

The other three members of the panel include Mridul K Saggar, Michael Debabrata Patra and RBI Governor Shaktikanta Das.

Under the RBI Act, part time or external members of the MPC have a four-year term, which cannot be extended.