The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) meets every two months, but the October meeting holds significance for a variety of reasons - not only because it takes place against the backdrop of leading global central banks cutting rates but also because the panel will have three new faces.
The MPC has six members, of whom three are from within the central bank: The governor, deputy governor in charge of monetary policy, and an officer nominated by the central board of the regulator.
The three external members are appointed by the central government.
The new external members will be selected by a six-member search-cum-selection committee headed by Cabinet Secretary T V Somanathan. Of the remaining five members, two are the RBI governor and Union economic affairs secretary. The other three are independent experts from the field of economics, banking or finance, or monetary policy.
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