India’s Central Bank Seeks Extension for Monetary Policy Committee Members

The Reserve Bank of India is seeking extension of the tenure of external members on its rate-setting panel until March due to the Covid-19 pandemic, government officials with knowledge of the matter said.

The central bank has written to the Finance Ministry and the letter is under consideration, the officials said, asking not to be identified as the matter is not public. Three of the six-member Monetary Policy Committee are external representatives and their appointment is for a term of four years and they are ineligible for re-appointment, according to rules.