Monday, October 7, 2024
News

Monetary Policy Committee of RBI reconstituted with new members

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | October 2, 2024 9:41:46 AM IST
The central government has reconstituted the Monetary Policy Committee (MPC) under the provisions of the Reserve Bank of India (RBI) Act, 1934, the Ministry of Finance said in a statement.

The government issued a notification on October 1 with the newly included names of the members of the MPC.

The six-member MPC is responsible for setting policy interest rates and framing monetary policy to control inflation and support economic growth in the country.

According to the RBI Act, the MPC comprises three members from the RBI and three external members appointed by the Central Government. The newly reconstituted committee consists of the Governor of the Reserve Bank of India as the Chairperson, ex officio; the Deputy Governor of the Reserve Bank of India, in charge of monetary policy--Member, ex officio, and one officer of the Reserve Bank of India, nominated by the Central Board -- Member, ex officio.

The new external members included in the MPC are Professor Ram Singh, Director, Delhi School of Economics, University of Delhi, Saugata Bhattacharya, economist; and Dr. Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development. They replaced Ashima Goyal, who served as the at emeritus professor, Indira Gandhi Institute of Development Research, Shashanka Bhide, honorary senior advisor, National Council of Applied Economic Research and Jayanth R. Varma, professor at Indian Institute of Management, Ahmedabad (IIM-A).

The news external members, appointed by the government (Ram Singh, Saugata Bhattacharya, and Nagesh Kumar), will serve for a period of four years or until further orders, whichever comes earlier, as per the statement.

The MPC is entrusted with formulating India's monetary policy, primarily through setting benchmark interest rates, to ensure price stability while maintaining economic growth. The reconstituted committee comes into effect immediately, as per the finance ministry. (ANI)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Profit of public sector banks expected t...
Profit of public sector banks expected t...
Private capital expenditure to improve i...
FM Sitharaman meets G20 expert group mem...
Indore grapples with rising prices; toma...
Industry expects greater export order, h...
More...
 
INDIA WORLD ASIA
Confident of Congress victory in Haryana...
Telangana: Congress leaders meet farmers...
UP: Villagers kill sixth and final wolf ...
ED conducts searches at 44 locations acr...
Bengal CM Mamata Banerjee visits Navanir...
Ten children die by drowning in Bihar; C...
More...    
 
 Top Stories
Pamela Anderson hints at new era wi... 
Bigg Boss 18: 90s Bollywood actress... 
J-K: Congress candidates held a mee... 
Legendary cricketer Brian Lara visi... 
UNRWA is out: Knesset Committee mov... 
Joint action committee formed to ge... 
Kazakhstan: People vote in referend... 
"T20 is not only about hitting...":...