The Government of India has announced the reconstitution of the Monetary Policy Committee (MPC) under the Reserve Bank of India Act, 1934. The MPC, responsible for making key monetary policy decisions, comprises six members—three from the Reserve Bank of India (RBI) and three appointed by the Central Government.
The new members of the MPC are:
- Governor of RBI — Chairperson, ex officio
- Deputy Governor of RBI (in charge of Monetary Policy) — Member, ex officio
- One officer from RBI, nominated by the Central Board — Member, ex officio
- Prof. Ram Singh, Director, Delhi School of Economics, University of Delhi — Member
- Shri Saugata Bhattacharya, Economist — Member
- Dr. Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development, New Delhi — Member
The three external members appointed by the Central Government (Prof. Ram Singh, Shri Saugata Bhattacharya, and Dr. Nagesh Kumar) will serve for a period of four years, starting immediately, or until further orders, whichever comes earlier.
This reconstitution follows the provisions of Section 45ZB of the RBI Act, 1934, and will play a vital role in shaping India’s monetary policies.
