The MPC 's first test could come as early as October 4, when the central bank is scheduled to next review monetary policy. "It will set the ball rolling for transparency and continuity in monetary policy making," said Soumya Kanti Ghosh, an economist at State Bank of India, the country's largest lender. They will join RBI Governor Urjit Patel , his deputy in charge of monetary policy, and another central bank executive on the six-member MPC. Rules stipulate that the central bank must release minutes of each meeting within two weeks, which must disclose how each member voted and why. "The announcement should put to bed lingering investor concerns that the government is attempting to erode the independence of the central bank," he said.

Source: Economic Times September 23, 2016 09:11 UTC