Pvt sector experts on RBI's monetary policy framework panel

Committee will be chaired by RBI's deputy governor Urjit Patel, will have eight members

To make its monetary policy framework more transparent and predictable, the Reserve Bank of India (RBI) has decided to constitute a committee of experts.

The committee will be chaired by RBI Deputy Governor Urjit Patel; there will be eight members. RBI Executive Director Deepak Mohanty is a member. Also, veteran banker P J Nayak; Chetan Ghate, associate professor (economics and planning unit), Indian Statistical Institute; Peter J Montiel, professor of economics at USA- based Williams College; Sajjid Z Chinoy, chief economist and executive director at JPMorgan; Bank of Baroda’s chief economist, Rupa Nitsure; and Gangadhar Darbha, executive director at Nomura Securities. Michael D Patra, principal advisor (monetary policy department) of RBI, will be member-secretary.

The committee will mull on the the objectives and conduct of monetary policy in a globalised and highly inter-connected environment.

It will review all relevant factors, including identifying of regulatory, fiscal and other impediments to monetary policy transmission and whatever is needed to be done on this and other aspects.

It will also consider the recommendations of previous committees and groups.

The secretariat for the committee will comprise officials from RBI. These will include Mridul Saggar, director at the department of economic and policy research; Sitikantha Pattanaik, director of the monetary policy department; and Abhiman Das, director at the department of statistics and information management.