Mumbai: The Reserve Bank of India (RBI) today said it has decided to postpone this week's Monetary Policy Committee (MPC) meeting and the new dates will be announced soon. The Reserve Bank, however, did not give any reason for the postponement of the meeting. Rbi's bi-monthly monetary policy review was due to begin on Tuesday, which lasts for three days. The interest rates were going to be decided mainly.
"The MPC was scheduled to meet during September 29, 30 and October 2020, which is now being postponed," rbi said in a press release. The dates of the MPC meeting will be announced soon. The RBI committee is awaiting the government's decision on new external members. According to the RBI Act, the tenure of external members of the MPC is four years.
As per section 45ZI (1) and (2) of the Reserve Bank of India Act, 1934, RBI is required to meet the Sanitary Policy Committee at least 4 times in a financial year. This year, the MPC has met 2 times between 3rd and 5th of June and 4th to 6th in August. The date of 29th September, 30th September and 1st October was held for the third time, followed by the date of the meeting from 2nd to 4th December and 3rd to 5th February 2021.
Also Read:
100 per cent discount on processing fees, SBI announces special benefits on loans
The government gives big relief to sugar mills, sugar export by December
Diesel, petrol prices remains stable for fourth consecutive day
Despite Corona epidemic, GDP of this state may increase by 7.14 percent