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RBI Governor Shaktikanta Das (file photo)
RBI Governor Shaktikanta Das (file photo)

RBI to announce monetary policy on October 9

The government named Shashanka Bhide, Ashima Goyal and Jayanth Varma as its nominees on the central bank's monetary policy committee (MPC) late on Monday.

The Reserve Bank of India will announce monetary policy on October 9. "The next meeting of the Monetary Policy Committee (MPC) is scheduled during October 7 to October 9, 2020," the RBI said in a release.

The government on Monday had appointed three eminent economists Ashima Goyal, Jayanth R Varma and Shashanka Bhide as members of the rate-setting Monetary Policy Committee of the RBI.

The Reserve Bank of India was forced to delay the bi-monthly committee meeting set to take place from Sept. 29 to Oct. 1, as it required at least four MPC members to proceed.

The Appointments Committee of the Cabinet (ACC), headed by the prime minister, approved the names, the sources said.

As per the RBI Act, the three new members would have four-year terms.

The government moved the interest rate setting role from the RBI Governor to the six-member MPC in 2016. Half of the panel, headed by the RBI governor, is made up of external independent members.

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