RBI Monetary Policy Committee meeting rescheduled; new dates likely to be announced soon

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The banking regulator has not specified the reasons for the deferment of the three-day MPC meeting

The Reserve Bank of India (RBI) on Monday announced that its bi-monthly Monetary Policy Committee (MPC) meeting has been rescheduled.

The MPC meeting is to take place from September 29 to October 1 as per the central bank’s schedule. However, the banking regulator has not specified the reasons for the deferment of the MPC meeting.

The new dates of the meeting will be announced shortly, the central bank said.

The interest-setting panel was scheduled to meet for three-days beginning Tuesday for the bi-monthly monetary policy review.

It is expected that the MPC may hold the repo rate in the upcoming meet, reported The Economic Times quoting analysts.

The RBI had retained its benchmark repo rate at 4 percent the August meeting for ensuring the inflation rate within comfort level in the wake of a recent rise in prices due to the coronavirus pandemic.

As per Section 45ZI (1) and (2) of Reserve Bank of India Act, 1934, the central bank is required to organise at least four meetings of the MPC in a year and the meeting schedule of the MPC for a year shall be published at least one week before the first meeting in that year.

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