MPC will meet before October 4, says Das

It is the first time that the newly-constituted monetary policy panel will meet

The six-member Monetary Policy Committee will meet before the Reserve Bank of India’s policy review on October 4 to submit their recommendations, Shaktikanta Das, Secretary, Economic Affairs in the Ministry of Finance told reporters.

“It is our expectation, and I am quite sure...in fact, the MPC will of course meet before Oct 4. It will certainly meet, and the committee will give their recommendations based on which the RBI will take a decision,” Mr. Das said on the sidelines of a CII event.

The government had recently appointed three external members to the MPC, which will set the benchmark interest rates.

RBI members

The three other members from RBI are its governor Urjit Patel, deputy governor in-charge of monetary policy R Gandhi and M. D. Patra, the executive director who was nominated by the RBI board. In case of a tie, the governor will have the casting vote.

The three external members are Pami Dua, director, Delhi School of Economics, Chetan Ghate, professor, Indian Statistical Institute, New Delhi and R Dholakia, professor of Economics at the Indian Institute of Management, Ahmedabad.