Reserve Bank of India says monetary policy committee to meet on October 3-4

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Mumbai | Published: September 30, 2016 1:29:50 PM

India's central bank said on Friday a newly-appointed monetary policy committee to set interest rates will meet from Oct. 3 to 4, and the decision will be out at 1430 India time (0900 GMT) in the Reserve Bank of India's website.

Deciding interest rates by committee marks a landmark change for the central bank. Previously, only the RBI Governor decided the policy rate, currently at 6.50 percent. (Reuters)Deciding interest rates by committee marks a landmark change for the central bank. Previously, only the RBI Governor decided the policy rate, currently at 6.50 percent. (Reuters)

India’s central bank said on Friday a newly-appointed monetary policy committee to set interest rates will meet from Oct. 3 to 4, and the decision will be out at 1430 India time (0900 GMT) in the Reserve Bank of India’s website.

The monetary policy committee comprises RBI Governor Urjit Patel, two senior central bank monetary policy officials, and three independent economists appointed by the government earlier this month. Patel will act as the tie-breaker in case of a split vote.

Deciding interest rates by committee marks a landmark change for the central bank. Previously, only the RBI Governor decided the policy rate, currently at 6.50 percent.

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