• The newly formed Monetary Policy Committee held its meeting between October 7, 2020 and October 9, 2020. 
• The repo rate under the liquidity adjustment facility (LAF) has been kept unchanged at 4.00%.
• The reverse repo rate under the LAF has been kept unchanged at 3.35%.
• The marginal standing facility (MSF) rate and the Bank Rate have been kept unchanged at 4.25%.
• The Reserve Bank of India (RBI) will introduce on-tap targeted long-term repo operations (TLTRO) for banks to borrow up to Rs 1 trillion from the window and invest in corporate bonds and other debt instruments of certain sectors. The on-tap TLTROs will have tenors of up to three years at a floating rate linked to the policy repo rate and the scheme will be available up to 31 March 2021. 
• Real GDP growth is expected to be negative. The RBI’s MPC has pegged the real GDP growth for FY21 to contract by 9.5%.

Members of Monetary Policy Committee :

1. Governor of the Reserve Bank of India – Chairperson, ex officio: Shri Shaktikanta Das
2. Deputy Governor of the Reserve Bank of India, in charge of Monetary Policy– Member, ex officio: Dr Michael Debabrata Patra
3. One officer of the Reserve Bank of India to be nominated by the Central Board – Member, ex officio: Dr Mridul K. Saggar.
4. A professor at the Mumbai-based Indira Gandhi Institute of Developmental Research: Prof. Ashima Goyal.
5. A professor of finance at the Indian Institute of Management in Ahmedabad: Prof. Jayanth R Varma
6. An agricultural economist and a senior adviser with the National Council of Applied Economic Research in New Delhi: Dr Shashanka Bhide.