Reserve Bank of India postpones MPC meet abruptly

In an unprecedented move, the Reserve Bank of India (RBI) has deferred the monetary policy committee meeting a day before it was about to start.

"The meeting of the Monetary Policy Committee (MPC) during September 29, 30, and October 1, 2020, as announced via Press Release 2019-2020/2248 dated April 20, 2020, is being rescheduled. The dates of the MPC’s meeting will be announced shortly," the RBI said in a statement today.

Though the central bank stopped short of giving any reason for the abrupt deferment, the external members for the MPC have not been appointed by the government, which may have led to the postponement of the meeting. Even at the peak of the Covid-19 pandemic in Mumbai, the MPC held regular meeting through video conference.

The committee comprises of six members - three officials of the Reserve Bank of India and three external members nominated by the Government of India.

In its last MPC meeting in August, the central bank kept policy rates unchanged at 4% to help tame inflation that in recent times had surged past the 6% mark.