MPC Appointment
RBI Das expects new external MPC members to be named "in time"
This story was originally published at 13:36 IST on 5 September 2024
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MUMBAI - Reserve Bank of India Governor Shaktikanta Das expects the new external members of the Monetary Policy Committee to be named "in time" for the panel's next meeting. "Obviously, the new members have to be there...then only we can hold the meeting," Das said on the sidelines of the FIBAC 2024 banking conference here today. "It should happen. We expect the new members to be in place in time," he added.
The three external members of the MPC have a four-year term. The current set - Shashanka Bhide, honorary senior advisor at National Council of Applied Economic Research, Ashima Goyal, emeritus professor at Indira Gandhi Institute of Development Research, and Jayanth R. Varma, professor at Indian Institute of Management, Ahmedabad - met for the last time in early August.
The MPC is scheduled to next meet Oct 7-9. The appointment of the MPC's external members has not been a smooth process in the past, with Bhide, Goyal, and Varma being appointed with a delay of several days in 2020. In fact, such was the delay that the RBI had to postpone the meeting by more than a week to the second week of October in 2020 from Sep 29-Oct 1.
The external members are experts in the field of finance, monetary policy, banking, and economics. They are chosen by a 'Search-cum-Selection Committee' which has the Cabinet Secretary as the chairperson and counts the RBI governor, the Secretary of the Department of Economic Affairs, and three experts in the field of economics, banking, finance, or monetary policy as members. End
Reported by Siddharth Upasani
Edited by Manisha Baxla
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