India to appoint new MPC members ahead of key interest rate meeting

Indian authorities will appoint new external members of the central bank’s monetary policy committee by October at the latest, people familiar with the matter said, ahead of a key meeting where the monetary policy committee (MPC) will face downward pressure on interest rates.

A selection committee that includes the Reserve Bank of India governor and government officials will recommend likely candidates in the next two weeks, the people said, asking not to be identified because the talks were private. An announcement is likely to be made in late September or early October.