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MPC to continue with 3-day format for monetary policy meet

Press Trust of India  |  Mumbai 

The Reserve today said it will continue with the three-day meeting format of the Committee (MPC) which decides on the key interest rate.

The MPC, headed by Urjit Patel, used to meet for two-days, but last the meeting was stretched to three days owing to "certain administrative exigencies".

The said in a statement that the "has decided to continue the practice of a three-day meeting format commencing on July 30, 2018 as was adopted in the meeting for the Second Bi-monthly Statement of June 6, 2018".

However, RBI did not assign reasons for changing the format to three-day meeting.

As per the earlier schedule, the was to meet for two days beginning July 31.

The Third Bi-monthly Statement for 2018-19 will be issued on August 1, 2018, RBI said.

The was set up by amending the of India Act, 1934, through the Act 2016.

The first meeting of the MPC was held in October 2016. Prior to setting up of the MPC, the used to decide the interest rate.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 10 2018. 18:45 IST