The Reserve Bank of India (RBI) has preponed the meeting of the Monetary Policy Committee (MPC) by a day to June 4, 2018.

RBI said in a statement that owing to certain administrative exigencies, the Second Bi-monthly Monetary Policy meeting for 2018-19 will now be held on 4th to 6th June instead of 5th to 6th June.

It is for the first time that the MPC will meet for three days instead of the usual two day meet.

The six-member MPC, headed by the RBI Governor, sets the benchmark interest rate. The MPC was set up by amending the Reserve Bank of India Act, 1934, through the Finance Act 2016. Prior to setting up of the MPC, the RBI Governor used to decide the interest rate.

(With inputs from AIR News)