RBI’s MPC Meet Scheduled During 7-9 October Post New Appointments

The RBI’s Monetary Policy Committee will announce the monetary policy on 9 October.

The Reserve Bank of India will announce the monetary policy on 9 October as the Monetary Policy Committee (MPC) will meet during 7-9 October.

(Photo: IANS)

The Reserve Bank of India will announce the monetary policy on 9 October as the Monetary Policy Committee (MPC) will meet during 7-9 October.

The announcement by the Central bank comes after the government filled the vacancies of three external members in the committee.

The government, on 5 October, appointed Ashima Goyal, Jayanth R. Varma and Shashanka Bhide as members of the Monetary Policy Committee of the RBI.

Ashima Goyal is a member of Prime Minister Narendra Modi's economic advisory council.

The MPC is a statutory committee responsible for fixing key policy interest rates and the inflation target as well as the monetary policy stance of the country. It comprises three external members and three members from the RBI.

Jayanth Varma is a finance and accounting professor at the Indian Institute of Management, Ahmedabad. Shashanka Bhide is a senior advisor at the National Council for Applied Economic Research.

The appointments have come after a significant delay as the MPC, which was supposed to have met from 29 September to 1 October, had to be deferred due to the vacancies.