The missing MPC

The Reserve Bank of India (RBI) had no option but to postpone the monetary policy committee (MPC) meeting a day before it was to start because the government was unable to appoint three new independent external members. The search committee has reportedly zeroed in on the names, but the process is held up due to some procedural requirements. It is puzzling that the government could not complete the process in time because it was known on the day of the constitution of the MPC in 2016 as to exactly when the term of the external members will end. Moreover, in a situation when there is so m.....

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