The Reserve Bank of India central board will meet on Friday and, among other matters, approve a new member of the Monetary Policy Committee (MPC).
Executive Director, Monetary Policy Department, Indranil Bhattacharyya will replace Rajiv Ranjan in the MPC as one of the internal members. Ranjan, who has been part of the MPC since May 2022 and has attended 21 MPC meetings, will superannuate by the end of September. The next review of monetary policy is scheduled from September 29 to October 1, 2025. The six-member rate-setting panel comprises three internal members -- the RBI governor, the deputy governor in charge of monetary policy, and one officer of the RBI nominated by the central board.
Since the inception of the monetary policy framework in October 2016, the executive director in charge of the monetary policy department has been the third internal member. Bhattacharyya was promoted to the role of executive director in March this year and was looking after the department of economic and policy (DEPR) research.
Prior to his promotion, he served as adviser in the monetary policy department. Over a span of nearly three decades, Bhattacharyya, who holds a postgraduate degree in economics from Jawaharlal Nehru University, has worked in the areas of monetary policy, fiscal policy, banking and international economic relations across the monetary policy department, the DEPR and the RBI's international department. He also served as an economic expert in the technical office of the governor at the Qatar Central Bank, Doha, for five years (2009 to 2014).
-- Business Standard
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