Key Points
The RBIs policy committee is made up of three external members usually well-known economists from the academic or finance worlds and three RBI officials, comprising the governor, the deputy governor in charge of the monetary policy, and another official, typically the executive director of the monetary policy department...
The external MPC members who end their terms next month have been more dovish than their RBI counterparts in recent rate meetings..
At the Bank of England, for example, four external MPC members are appointed through an open and public process where the applicants are known before the selection is made...
Urjit Patel, who was RBI governor before Das took over in December 2018, was a policy hawk, rejecting calls to cut interest rates even when inflation tumbled to a record low of 1.46% in June 2017..
The MPC is unlikely to make a sharp pivot in October as the internal RBI members remain the same for now and Governor Das has the casting vote in case of any tie, said Shumita Sharma Deveshwar, an economist at GlobalData.TS Lombard..
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