The Reserve Bank of India will announce monetary policy on October 9. “The next meeting of the Monetary Policy Committee (MPC) is scheduled for October 7-9, 2020,” the RBI said in a statement.
On Monday, the government appointed three eminent economists Ashima Goyal, Jayanth R Varma and Shashanka Bhide as members of the RBI’s Monetary Policy Committee that sets rates.
The Reserve Bank of India was forced to delay the bimonthly committee meeting to be held from September 29 to October 1, as it required at least four MPC members to proceed.
The Cabinet Appointments Committee (ACC), headed by the prime minister, approved the names, the sources said.
Under the RBI Law, the three new members would serve four-year terms.
The government transferred the interest rate setting function from the RBI governor to the six-member MPC in 2016. Half of the panel, led by the RBI governor, is made up of independent outside members.
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