Govt Constitutes Monetary Policy Committee of RBI

The Central Government has constituted the Monetary Policy Committee ( MPC ) of the Reserve Bank of India ( RBI ) under the powers conferred by Section 45ZB of the Reserve Bank of India Act, 1934 on 1st October 2024.

The notification, S.O. 4309(E), mentions the composition of the committee, which is tasked with formulating monetary policy to achieve price stability and promote economic growth.

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Members of the MPC:

The Monetary Policy Committee will consist of the following members:

1. Governor of the Reserve Bank of India — Chairperson, ex officio.
2. Deputy Governor of the Reserve Bank of India, in charge of Monetary Policy — Member, ex officio.
3. One officer of the Reserve Bank of India, nominated by the Central Board — Member, ex officio.
4. Prof. Ram Singh, Director, Delhi School of Economics, University of Delhi — Member.
5. Shri Saugata Bhattacharya, Economist — Member.
6. Dr. Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development, New Delhi — Member.

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The Members appointed under clauses (d) to (f) will hold office for a period of four years or until further orders, whichever is earlier. The MPC of the RBI is a statutory body tasked with formulating India’s monetary policy, with a key emphasis on controlling inflation and setting benchmark interest rates.

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