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RBI postpones MPC meeting as external member posts lie vacant

In an unprecedented move, the RBI today announced that the monetary policy that was scheduled to take place from Sep 29- Oct 1 will be rescheduled. The move comes in light of the pending announcements by the government for the selection of the 3 external members. The rate setting panel has 6 members including the RBI Governor, Deputy Governor and Executive Director along with three external representatives. The 4 year tenure of external members Chetan Ghate, Pami Dua and Ravindra Dholakia recently ended. Economic Affairs Secretary Tarun Bajaj led panel was tasked with looking for new external members.
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