The Monetary Policy Committee cancelled
The Reserve Bank of India on Monday said that meeting of the Monetary Policy Committee during 29, 30 September and 1 October, 2020 as announced cancelled. It will be rescheduled and the dates of the bimonthly MPC’s meeting will be announced shortly.
The six-member Monetary Policy Committee headed by RBI Governor Shaktikanta Das was scheduled to meet for three days starting 29 September. The resolution of the MPC would be announced on 1 October.
Agenda of the meeting-
The announcement comes on a day when Centre informed the Supreme Court on Monday that a decision is likely in 2-3 days over charging of interest by banks on installments, which were deferred during the moratorium period in view of the Covid-19 pandemic.
The top court asked the Centre to bring the decision on record and circulate the affidavit to the parties in a batch of pleas challenging interest on deferred installments.
The Centre informed the top court that the matter has received very serious consideration and the decision-making process is at advanced stage.
A bench headed by Justice Ashok Bhushan said that it would hear the batch of pleas filed by various industries, trade associations and individuals on October 5.
As per the Reserve Bank of India Act, 1934, the central bank is required to organise at least four meetings of MPC in a year. The 29 September-1 October MPC would have been the 25th meeting of the rate setting panel.
The next meeting is scheduled for 2-4 December, 2020, with the next one scheduled for 3-5 April, 2021.
The Reserve Bank is likely to keep interest rates unchanged in the upcoming bilateral monetary policy review in view of the rising retail inflation driven mainly by supply side issues, experts say.
What happened in the last MPC meeting?
In its last MPC meeting in August, RBI kept policy rates unchanged to help tame inflation that in recent times had surged past 6 per cent mark, and said the economy is in an extremely weak condition following the pandemic. The RBI has cut policy rates by 115 basis points since February.
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