RBI Governor Urjit Patel discusses on economic situation FM Jaitley

Reserve Bank Governor Urjit Patel on Thursday called on Finance Minister Arun Jaitley and is believed to have discussed the prevailing economic situation. It was Patel's first meeting with the Finance Minister after being appointed as the Governor. The next monetary policy review is on October 4 "when we will talk", Patel told reporters after the meeting.

The meeting assumes significance as the government has to appoint its three nominees on the six member Monetary Policy Committee (MPC) which will determine interest rate keeping in view that inflation stays within the given target of 4 per cent, with a margin of 2 per cent on the either side.

The other three members are from RBI, including the Governor. Patel assumed charge of RBI Governor effective September 4, 2016, after serving as Deputy Governor since January 2013.