Three external members of MPC may get a short extension next week

The government is exploring the possibility of granting a short extension to the three external members in the rate-setting Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) beyond their four-year term ending next week. The pandemic situation has prompted the move even as the search committee is looking for fresh external candidates, according to the government sources.

Indian Statistical Institute professor Chetan Ghate, Delhi School of Economics director Pami Dua and Ravindra H Dholakia of the Indian Institute of Management-Ahmedabad were appointed external members of the six-member MPC on September 22, 2016, for a period of four