Urjit Patel writes: Monetary actions by the RBI have left the MPC’s decision on the policy rate partly redundant

Urjit Patel writes: Monetary actions by the RBI have left the MPC’s decision on the policy rate partly redundant

RBI should preserve its inflation credibility

APRIL 28, 2020 1:20:02 PM

This requires making the institution of MPC more enduring, not bypassing it. Decision on monetary policy actions based on voting by committee members, provision of inflation and growth forecasts in the resolution statement, and coordination of rate-setting and liquidity management, need to be adhered to.