RBI MPC meet scheduled from October 7, policy announcement on October 9

Meeting Schedule of the Monetary Policy Committee (MPC) for 2020-21https://t.co/rhjdP4e3cP

— ReserveBankOfIndia (@RBI) October 6, 2020

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

The RBI on September 28, notified that the MPC meet originally scheduled during September 29, 30 and October 1, 2020, has been postponed. This was as external members of the MPC were not appointed yet.

The government on October 5 appointed PMEAC Member Ashima Goyal, Shashanka Bhide, Senior Advisor, National Council for Applied Economic Research and Jayanth Verma, Professor, Indian Institute of Management, Ahmedabad to the MPC as external members.

The three have replaced Pami Dua, Chetan Ghate, and Ravindra Dholakia.

The MPC is tasked with RBI's monetary policy and setting of interest rates.

In its last MPC meeting in August, the MPC kept policy rates unchanged to help tame inflation that in recent times had surged past 6 percent mark, and said the economy is in an extremely weak condition following the COVID-19 pandemic.