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RBI: Govt appoints three external members of MPC

By IndianMandarins- 02 Oct 2024
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New Delhi (02.10.2024): The union government has appointed three external members of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI).
The list of newly appointed members goes as follows:
  • Ram Singh, Director of Delhi School of Economics
  • Saugata Bhattacharya, Economist and 
  • Dr Nagesh Kumar, Chief Executive, Institute of Studies in Industrial Development (ISID)
The recommendations were made by a selection panel comprising RBI Governor, Shaktikanta Das (Retd IAS: 1980: TN); Cabinet Secretary Dr T V Somanathan (IAS: 1987: TN) and Union Secretary, Department of Economic Affairs Ajay Seth (IAS: 1987: KN).
The four year term/contract of three external members of MPC is concluding on 04 October 2024. 
Members completing terms on Thursday are;  
  • Ashima Goyal, an economist and professor, Indira Gandhi Institute of Development Research (IGIDR)
  • Shashanka Bhide, advisor at the National Council of Applied Economic Research (NCAER)
  • Jayanth R Varma, a professor of finance at IIM, Ahmedabad
As per the RBI Act, these positions are not subject to extension thus necessitated the appointment of new members or reappointments.
Further, it is to be watched who will lead the RBI from next year as the contracts of both RBI Governor Shaktikanta Das and Deputy Governor Michael Patra, in charge of Monetary Policy, coming to an end in the coming months. Das's contract already extended by three years comes to an end on December 9 and Michael Patra's tenure ends on January 14. The government is yet to signal if they will remain in their posts.

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