Newly Reconstituted RBI Monetary Policy Committee to Hold First Meeting on Monday

Newly Reconstituted RBI Monetary Policy Committee to Hold First Meeting on Monday

The newly reconstituted Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) will begin its first meeting on Monday, featuring three newly appointed external members.

The results of this three-day meeting will be announced by MPC Chairman and RBI Governor Shaktikanta Das on Wednesday, October 9. Analysts expect the MPC to maintain the current interest rate, marking the tenth consecutive time the RBI has opted for status quo on the policy rate. The last adjustment occurred in February 2023, when the rate was raised to 6.5 percent.

In addition to Governor Das, the internal members include RBI Deputy Governor Michael Debabrata Patra and Executive Director Rajiv Ranjan, who oversees the monetary policy department.

The government appointed Ram Singh, Saugata Bhattacharya, and Nagesh Kumar as the new external members of the MPC on Tuesday. Singh is the director of the Delhi School of Economics and has completed his PhD at Jawaharlal Nehru University (JNU) and a post-doctorate at Harvard University. He has also taught at Bucerius Law School and Heidelberg University.

Saugata Bhattacharya, a senior fellow at the Centre for Policy Research, brings over 30 years of experience in economic analysis and financial markets. Previously, he served as the chief economist at Axis Bank.

Nagesh Kumar, the third external member, is the Director and Chief Executive of the Institute for Studies in Industrial Development. Before this role, he was the Director at the United Nations Economic and Social Commission for Asia and the Pacific and previously led the Research and Information System for Developing Countries.

Notably, the tenures of Governor Das and Deputy Governor Patra are set to conclude in December and January, respectively.