Government appoints three new members to RBI's Monetary Policy Committee

Government named three new economists as the members of Monetary Policy Committee of the Reserve Bank of India. 

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On Monday, the centre appointed three new economists Ashima Goyal, Jayanth R Varma, and Shashanka Bhide as members of the rate-setting Monetary Policy Committee (MPC) of the Reserve Bank of India. 

Earlier, the RBI was forced to delay the bi-monthly committee meeting that was scheduled from September 29 to October 1. The meeting got postponed because it required four MPC members to proceed and the government had failed to appoint the new members. The tenure of three previous appointees had ended in September. 

As per the RBI Act, three new members would have four-year terms. The centre moved the interest rate-setting role from the RBI governor to the MPC. 

The last meeting of the rate-setting MPC was held from August 4 to August 6, 2020. 

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