RBI resumes consultations with stakeholders on policy making

The Reserve Bank of India (RBI) has resumed consultations with stakeholders, including bankers and business associations, to garner their views towards policy making decisions, according to top official sources.

The six-member Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, is to meet on April 4 and 5 to decide the first bi-monthly monetary policy of the next fiscal.

The sources said the RBI has re-started consultations with stakeholders, including bankers and business associations, to gather their views which could be possibly incorporated at the time of policy making.

One such meeting was held today and more such meetings are likely, they added.

The views of the stakeholders would then be presented before the MPC in order to consider them at the time of policy making, they added.

For quite sometime, especially after the setting up of MPC, the central bank had discontinued the process.

In the next financial year, the MPC is scheduled to meet six times. The committee was constituted in September 2016.

Besides the RBI Governor, Deputy Governor in charge of Monetary Policy and an RBI officer are part of the panel. Others members are Chetan Ghate, Professor at Indian Statistical Institute (ISI), Professor Pami Dua, Director at Delhi School of Economics and Ravindra H Dholakia, Professor at Indian Institute of Management, Ahmedabad.

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