RBI postpones September’s Monetary Policy Committee meeting, new dates to be announced shortly
Published On: Monday, September 28, 2020 | By: Team KnowMyStock
The meeting of the Monetary Policy Committee (MPC), for the penultimate policy review for 2020, which was scheduled for 29 September, 30 September, and 1 October 2020 has been rescheduled. The revised dates will be notified later, RBI said. The Reserve Bank is required to conduct at least four meetings of the Monetary Policy Committee in a year. The central bank didn’t give any reason, but the external members for the MPC have not been appointed by the government. This may have forced the central bank to defer the meetings. Even as weak demand hurts the economy, the RBI had refrained from cutting the benchmark lending rate, leaving the rate unchanged at 4 per cent in the last MPC meeting. However, it continued to maintain the accommodative stance in the wake of weak growth numbers and the adverse impact of the coronavirus pandemic on the economy.
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.
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