LUCKNOW: Reserve Bank of India (RBI) on Friday said its Central Board has approved the nomination of Executive Director Indranil Bhattacharyya as an ex-officio member of the Monetary Policy Committee (MPC), the body responsible for setting the benchmark interest rate.
The decision was taken at the 618th meeting of the Central Board of Directors held in Lucknow under the chairmanship of Governor Sanjay Malhotra, the RBI said in a statement.
Bhattacharyya, who has been serving as Executive Director of the central bank, will now join the six-member MPC, which comprises the Governor, three external members appointed by the government, and two other RBI officials.
The MPC meets every two months to decide on the policy repo rate, a key instrument in managing inflation and supporting growth.
Apart from the nomination, the Board reviewed the global and domestic economic outlook, taking into account geopolitical developments and financial market conditions. It also assessed the functioning of select Central Office Departments, committees of the Central Board, and the Ombudsman Scheme.
Deputy Governors M. Rajeshwar Rao, T. Rabi Sankar, Swaminathan J., and Dr. Poonam Gupta attended the meeting along with other directors including Department of Financial Services Secretary Nagaraju Maddirala, Department of Economic Affairs Secretary Anuradha Thakur, Satish K. Marathe, Revathy Iyer, Prof. Sachin Chaturvedi, industrialist Anand Gopal Mahindra, Pankaj Ramanbhai Patel and Dr. Ravindra H. Dholakia.
The MPC’s next bi-monthly monetary policy review is expected to reflect the new composition with Bhattacharyya on board.
(India CSR)
