Govt to appoint new external members to RBI MPC ahead of crucial rate meeting in October: Report
New Delhi/IBNS: The Government of India will appoint new external members to the Reserve Bank of India’s (RBI) monetary policy committee (MPC) by October at the latest ahead of a crucial meeting in which the MPC will face pressure to cut interest rates, Bloomberg reports, citing people familiar with the matter.
The selection panel — comprising RBI governor Shaktikanta Das and government officials — will recommend probable candidates in the next two weeks, with an announcement likely by the end of September or early October, the report claimed.
The six-member MPC is made up of three external members and three RBI officials, led by the central bank's Governor Shaktikanta Das.
The external members, usually well-known economists with academic backgrounds or specialists in finance and macroeconomics, are appointed for a four-year term, as per reports.
The current terms for MPC external members Jayanth Varma, Ashima Goyal and Shashanka Bhide, will end on October 4, while the next scheduled rate decision is due on October 9, according to reports.
However, the Ministry of Finance spokespeople and senior RBI officials didn’t immediately respond to requests for information.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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