RBI seeks extension of part time MPC members' tenure
Term of members set to get over in September 2020
by Nidhi Bhati
The Reserve Bank of India (RBI) has reportedly sought an extension of tenure for its part time members in the Monetary Policy Committee (MPC) with an aim to maintain policy continuity amid the Covid-19 pandemic crisis. Under the RBI Act, part time or external members of the MPC have a four-year term which cannot be extended. The terms of external members appointed to the MPC in 2016, Chetan Ghate, Pami Dua and Ravindra Dholakia are ending in September 2020, prompting the regulator to seek an extension from the government.