The central government on 1 October appointed Ram Singh, Saugata Bhattacharya and Nagesh Kumar as the new external members to the Reserve Bank of India’s (RBI) monetary policy committee.
- Ram Singh is the Director of Delhi School of Economics, University of Delhi, while Dr. Nagesh Kumar is the Director and Chief Executive, Institute for Studies in Industrial Development in New Delhi. Meanwhile, Saugata Bhattacharya is a noted economist.
- As per the Finance Ministry, the new members of the MPC shall hold office for a period of four years, effective immediately.
- As per the provisions of the RBI Act, the Monetary Policy Committee (MPC) consists of six members: three Members from RBI (including RBI Governor who is the Chairperson, ex officio;) and three are appointed by the Central Government.
- In exercise of the powers conferred by section 45ZB of the Reserve Bank of India Act, 1934, the Central Government constitutes the Monetary Policy Committee.
- The Members of the Monetary Policy Committee appointed by the Central Government (at Sl. No. (d), (e) and (f) above), shall hold office for a period of four years, with immediate effect or until further orders, whichever is earlier.
