The Reserve Bank of India on Tuesday said that the Monetary Policy Committee (MPC), which was postponed last week, will meet from October 7 to October 9. The central bank will also announce the outcome of its bi-monthly policy rates on October 9.

“In continuation of the Press Release 2020-2021/400 dated September 28, 2020, the next meeting of the Monetary Policy Committee (MPC) is scheduled during October 7 to October 9, 2020,” an RBI release said.

RBI had postponed the MPC meeting, which must have a quorum of four, as the appointment of independent members was delayed.

The announcement by the Central bank comes after the government filled the vacancies of three external members in the committee on Monday. The government on Monday appointed Ashima Goyal, Jayanth R. Varma and Shashanka Bhide as members of the Monetary Policy Committee of the RBI.

The MPC has been given the mandate to maintain annual inflation at 4 per cent until March 31, 2021, with an upper tolerance of 6 per cent and a lower tolerance of 2 per cent.

The external members of the MPC are appointed by the central government from amongst persons of ability, integrity and standing, having knowledge and experience in the field of economics, banking, finance or monetary policy.

The last meeting of the MPC was held from August 4 to 6, 2020. It was the 24th meeting of the rating-setting panel. 

With Agency Inputs