For the first time ever, the Monetary Policy Committee (MPC) will meet for three days instead of the usual two days to carry out routine bi-monthly monetary policy review. This shall be implemented in light of certain administrative exigencies. At the same time, the meet has been advanced by a day to June 4.
The central bank on March 21st announced the complete schedule of bi-monthly MPC meet for the FY 2018-19.
In a statement, the RBI said, "Owing to certain administrative exigencies, the Second Bi-monthly Monetary Policy meeting for 2018-19 will now be held on June 4-6, 2018 instead of on June 5-6." Also, it cleared the air around the dates for all other MPC meet scheduled for the year, saying that no further changes have been made.
For the FY 2018-19, the first bi-monthly MPC meet took place on April 4 and April 5 and a status quo on interest rate was maintained due to inflationary pressure.
RBI governor heads the MPC committee and decide on the benchmark interest rate.