RBI seeks tenure extension for rate panel members

NEW DELHI: The Reserve Bank of India (RBI) is seeking extension of the tenure of external members on its rate-setting panel until March due to the Covid-19 pandemic, government officials aware of the matter said.

The central bank has written to the finance ministry and the letter is under consideration, the officials said.

Three of the six-member Monetary Policy Committee (MPC) are external representatives and their appointment is for a term of four years and they are ineligible for reappointment, according to rules.

The term of academics Chetan Ghate, Pami Dua and Ravindra Dholakia—the external members appointed to the MPC in 2016 —is due to end in September.

PTI Locals stage a protest against the two custodial deaths at n Sathankulam, Thoothukudi, on Sunday.