The Reserve Bank of India (RBI) Governor Urjit Patel will chair the first central board meeting in Kanpur on October 20, Thursday. This is the first instance that the central bank will hold the meeting in the industrial city of India's most populous state.
Additionally, this will also be the first central board meeting under the new RBI Governor Urjit Patel. The central bank governor is expected to reach Kanpur on Wednesday evening. He will hold meetings with industrialists and technocrats in the city.
However, it is still not clear whether Patel would interact with the media or not.
Earlier this month, the Monetary Policy Committee (headed by Urjit Patel) at the conclusion of its first meeting, said that it had cut the repo rate (benchmark rate) by 25 basis points (bps) to 6.25 percent. This was the first time that decisions on repo rate have been taken by a committee with three representatives from the RBI and three government-nominated members.
Till August, the RBI governor was guided by the central bank's Monetary Policy Department (MPD) and the Technical Advisory Committee (TAC).