Reserve Bank of India will announce its bi-monthly monetary policy review in Mumbai today.
The newly-constituted Monetary Policy Committee (MPC) of the RBI began its three-day deliberations on Wednesday, amid industries expectations that the central bank will maintain status quo on the benchmark lending rates in view of hardening inflation.
The meeting of the six-member MPC, earlier slated for September 29-October 1, was rescheduled as the appointment of independent members was delayed.
Our correspondent reports, after the MPC meeting had to be postponed for over a week due to lack of quorum, the Government has now appointed three eminent economists Ashima Goyal, Jayanth R Varma and Shashank Bhide as independent members of the revamped six-member MPC headed by RBI Governor Shaktikanta Das.
Bhide is currently a senior advisor at the National Council for Applied Economic Research, while Ashima Goyal is a professor at the Indira Gandhi Institute of Development Research in Mumbai.
Jayanth Varma, who was earlier a full-time member of the Sebi, is currently a professor at the IIM, Ahmedabad.
Meanwhile according to a data released by the RBI, Bank credit has grown by 5.15 per cent to Rs. 102.72 lakh crore, and deposits rose by 10.51 per cent to Rs. 142.64 lakh crore in the fortnight ended September 25.