New Delhi: The Reserve Bank of India said on Monday that the Monetary Policy Committee meeting will be rescheduled for September 29, 30 and October 1, 2020, as announced.
Dates for the MPC’s bimonthly meeting will be announced shortly, the central bank said.
The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das was scheduled to meet for three days starting on September 29. The MPC resolution would be announced on October 1.
The announcement comes on a day when the Center informed the Supreme Court on Monday that a decision is likely to be made in 2-3 days on charging interest by banks on installments, which were postponed during the period. moratorium in view of the Covid-19 pandemic.
The higher court asked the Center to record the decision and distribute the affidavit to the parties in a series of pleadings challenging the interests of the deferred installments.
The Center informed the high court that the matter has received very serious consideration and that the decision-making process is at an advanced stage.
A bank headed by Judge Ashok Bhushan said it would hear the batch of pleas filed by various industries, trade associations and individuals on October 5.
According to the Reserve Bank of India Act 1934, the central bank must organize at least four meetings of the MPC in a year. The MPC from September 29 to October 1 would have been the 25th meeting of the rate-setting panel.
The next meeting is scheduled for December 2-4, 2020 and the next one for April 3-5, 2021.
The Reserve Bank is likely to keep interest rates unchanged in the next review of bilateral monetary policy in light of rising retail inflation driven mainly by supply issues, experts say.
At its last MPC meeting in August, the RBI kept policy rates unchanged to help control inflation that had recently passed the 6 percent mark, and said the economy is in extremely weak condition after of the pandemic. The RBI has cut official rates by 115 basis points since February.
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