Earlier on Monday (September 28, 2020), the RBI came up with the notification that the monetary policy committee's (MPC) meet scheduled to begin from September 29 has been postponed. "The meeting of the MPC during September 29, 30 and October 1, 2020, is being rescheduled. The dates of the MPC's meeting will be announced shortly," said the RBI.
However, as per a leading online business portal's report the meeting could be held as early as next week. A senior official is quoted in the report as telling that the deferment could be a short one and might have been made in order to execute mandatory official procedures such as background screening and security checks of the new MPC members.
Further the official added that the new external members might have been already notified of their appointments and their names shall be announced in due time. Also, the tenure of the previous external members including Pami Dua, Chetan Ghate, and Ravindra Dholakia is unlikely to be extended as for it legislative changes will have to be made to the Reserve Bank of India Act.
In its August MPC meet, the RBI maintained status quo in order to check escalating inflation, which surpassed RBI's comfort level and moved past 6% level. Since February, RBI has cut key repo rate by 115 basis points.