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RBI: Three experts on-board as MPC members

By IndianMandarins- 06 Oct 2020
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The Reserve Bank of India on Monday appointed Ashima Goyal, Jayanth R Varma, Shashanka Bhide as MPC members.

It may be recalled that in an unprecedented move, RBI had to postpone its monetary policy review, scheduled to be held in the last week of September, in the absence of the timely nomination of three government external members to its six-member Monetary Policy Committee. The last such meeting was held between August 4 and 6, 2020. The MPC is a statutory committee responsible for fixing the benchmark interest rate.

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

While the MPC meets at least 4 times a year and publishes its decisions after each such meeting, for meeting to start, it requires at least 4 out of 6 members present. However, the four-year tenure of the three government-nominated members, Chetan Ghate, Pami Dua and Ravindra Dholakia, had ended on 6 August.

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