RBI reschedules MPC meeting; new dates to be announced shortly
The Monetary Policy Committee was expected to announce its policy decision on October 1.
September 28, 2020 / 02:48 PM IST
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.
The panel usually convenes once in two months, and is required to organise atleast four meetings a year.