Government Appoints Three New Members to RBI's Monetary Policy Committee

The government has appointed Ram Singh, Saugata Bhattacharya, and Nagesh Kumar as external members of the RBI’s Monetary Policy Committee for four years. The reconstituted MPC, which targets inflation, will hold its first meeting from October 7 to 9. The new appointees replace Ashima Goyal, Shashanka Bhide, and Jayanth Varma.

In a significant move, the government on Tuesday appointed three external members—Ram Singh, Saugata Bhattacharya, and Nagesh Kumar—to the RBI's Monetary Policy Committee (MPC) for a tenure of four years.

According to a statement from the finance ministry, the central government has reconstituted the MPC, which plays a crucial role in setting interest rates and targeting inflation. The newly formed committee is scheduled to meet from October 7 to 9, with RBI Governor Shaktikanta Das announcing the bi-monthly monetary policy on October 9.

Ram Singh, the Director of the Delhi School of Economics, economist Saugata Bhattacharya, and Nagesh Kumar, Chief Executive of the Institute for Studies in Industrial Development, will replace Ashima Goyal, Shashanka Bhide, and Jayanth Varma. Established in 2016 under the Monetary Policy Framework Agreement, the six-member MPC has a mandate to keep inflation at 4 percent, with a tolerance band of plus/minus 2 percent.

(With inputs from agencies.)