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
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File image

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.

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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.
Moneycontrol News
first published: Sep 28, 2020 02:20 pm

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