Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Industry / Banking/  RBI to announce monetary policy on October 9
BackBack

RBI to announce monetary policy on October 9

The government named Shashanka Bhide, Ashima Goyal and Jayanth Varma as its nominees on the central bank's monetary policy committee (MPC) late on Monday.

RBI Governor Shaktikanta Das (file photo)Premium
RBI Governor Shaktikanta Das (file photo)

The Reserve Bank of India will announce monetary policy on October 9. "The next meeting of the Monetary Policy Committee (MPC) is scheduled during October 7 to October 9, 2020," the RBI said in a release.

The government on Monday had appointed three eminent economists Ashima Goyal, Jayanth R Varma and Shashanka Bhide as members of the rate-setting Monetary Policy Committee of the RBI.

The Reserve Bank of India was forced to delay the bi-monthly committee meeting set to take place from Sept. 29 to Oct. 1, as it required at least four MPC members to proceed.

The Appointments Committee of the Cabinet (ACC), headed by the prime minister, approved the names, the sources said.

As per the RBI Act, the three new members would have four-year terms.

The government moved the interest rate setting role from the RBI Governor to the six-member MPC in 2016. Half of the panel, headed by the RBI governor, is made up of external independent members.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 06 Oct 2020, 11:43 AM IST
Next Story footLogo
Recommended For You
Banking Stocks
₹1,053.6-0.5%
₹1,440.70.52%
₹1,0841.08%
₹122.751.3%
₹734.052.53%
Switch to the Mint app for fast and personalized news - Get App