Has the government finalized new members of the MPC and when is the monetary policy likely to be announced?

After the embarrassing situation of having to postpone the monetary policy due to non-appointment of members, that has finally been closed. The panel announced the appointment of Ashima Goyal, Shashanka Bhide and Prof. Jayanth Varma to the MPC.

All the three are well-known names and hold rich and varied experience. In fact, JR Verma was one of the original driving forces behind F&O regulations of SEBI and has in-depth understanding of Indian capital markets and financial risk.

All three are academicians with adequate exposure to industry and the industry bodies. The Search Committee had included the RBI Governor Shaktikanta Das, Rajiv Kumar of Niti Aayog and Economic Affairs Secretary, Tarun Bajaj.

The dates for the next monetary policy are not yet finalized but it was have to be done fast as it was scheduled to be announced on October 01. While rate cuts are ruled out, it is essential for the market to know the RBI line of thinking.