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    RBI postpones Oct 1 policy as it awaits appointment of new MPC members

    RBI postpones Oct 1 policy as it awaits appointment of new MPC members

    RBI postpones Oct 1 policy as it awaits appointment of new MPC members
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    By Ritu Singh   IST (Updated)

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    The Reserve Bank of India (RBI) On Monday said that it will reschedule the meeting of the Monetary Policy Committee (MPC) which was originally scheduled to be held on September 29- October 1.

    The Reserve Bank of India (RBI) On Monday said that it will reschedule the meeting of the Monetary Policy Committee (MPC) which was originally scheduled to be held on September 29- October 1.
    "The meeting of the Monetary Policy Committee (MPC) during September 29, 30 and October 1, 2020, as announced vide Press Release 2019-2020/2248 dated April 20, 2020, is being rescheduled. The dates of the MPC’s meeting will be announced shortly,"  the central bank said in a brief statement on Monday.
    The meeting is understood to have been postponed because the new external MPC members have not been named by the government yet.
    The six-member MPC comprises of three internal and three external members. The external members are appointed by the government in consultation with the central bank.
    The three external members of the first MPC-- Chetan Ghate, Pami Dua, and Ravindra Dholakia -- retired earlier this month after completing their four-year term. Therefore, only 3 internal members remain, Governor Shaktikanta Das, Deputy Governor Michael Patra and Executive Director Mridul K Saggar.
    The current rules say that the monetary policy committee must have a minimum quorum of four members to hold a meeting. In the absence of new appointments, RBI was forced to reschedule the policy meeting.
    CNBC-TV18 had earlier reported that the Reserve Bank had requested the government to consider an extension for the existing external MPC members at the time, especially given the unprecedented economic stress facing the economy. However, the government decided to go ahead with new appointments.
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