Governor Das Confirms Timely Appointment of New MPC Members

Reserve Bank Governor Shaktikanta Das assured that the appointment of new external members to the Monetary Policy Committee will happen in time for the next meeting. The current members' terms will end on October 4. The MPC, which is critical for rate decisions, has faced recent dissent over rate cuts versus inflation control.

The Reserve Bank of India's Governor, Shaktikanta Das, announced on Thursday that he expects new external members of the Monetary Policy Committee (MPC) to be appointed promptly.

Speaking at the annual Fibac event, Das emphasized that the upcoming MPC meeting, scheduled for October 7, depends on the timely appointment of these new members.

''New members obviously have to be appointed, then only we can hold the meeting. It should happen. We expect the new members to be in place in time,'' he explained. The term of current members Ashima Goyal, Jayanth Varma, and Shashank Bhide ends on October 4. These appointments are a government prerogative.

The MPC, which is chaired by the governor and comprises six members, including three external ones, votes on rate calls. The governor has the casting vote in case of a tie. The recent MPC sessions have witnessed dissent, with members Goyal and Varma favouring rate cuts to stimulate GDP growth, a stance opposed by others who prioritize controlling inflation.

(With inputs from agencies.)