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Business News/ Markets / Stock Markets/  RBI defers monetary panel meet
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RBI defers monetary panel meet

The rescheduling comes at a time the strength of the six-member MPC is down to half, after the four-year tenure of three external members ended in August
  • The new dates of the MPC’s meeting will be announced shortly, says RBI
  • RBI may focus on keeping bond yields contained, say analysts.Premium
    RBI may focus on keeping bond yields contained, say analysts.

    The Reserve Bank of India (RBI) on Monday abruptly postponed a meeting of its monetary policy committee (MPC) scheduled to begin Tuesday, puzzling a market waiting for its views on growth and inflation.

    “The meeting of the MPC during September 29, 30 and October 1 ...is being rescheduled. The dates of the MPC’s meeting will be announced shortly," an RBI statement said, without ascribing any reason for the postponement. The rescheduling comes at a time the strength of the six-member MPC is down to half, after the four-year tenure of three external members ended in August.

    “Till Sunday, RBI was expecting an announcement from government and was scheduled to hold the MPC meeting," a person aware of the matter said seeking anonymity.

    While no one was anticipating a surprise, there were expectations it would offer inflation and growth projections. “Such a postponement doesn’t send a good signal to the market," said A. Prasanna, chief economist, ICICI Securities Primary Dealership, adding that it would have been a good occasion for RBI to give clarity on liquidity and open market operations.

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    ABOUT THE AUTHOR
    Gopika Gopakumar
    Gopika Gopakumar has worked for over 15 years as a banking journalist across print and television media. Her expertise lies in breaking big corporate stories and producing news based TV shows. She was part of the 2013 IMF Journalism Fellowship Program where she covered the Annual & Spring meetings of the International Monetary Fund in Washington D.C. She started her career with CNBC-TV18, where she also produced a news feature show called Indianomics and an award winning show on business stories from South India called Up South. She joined Mint in 2016.
    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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    Published: 29 Sep 2020, 05:48 AM IST
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