RBI board approves Rajiv Ranjan as MPC member after Mridul Saggar retires

The Reserve Bank of India’s central board on Monday approved the nomination of Rajiv Ranjan as a member of the monetary policy committee.

Ranjan replaces Mridul Saggar, who retired last month.

“The Board approved the nomination of Dr. Rajiv Ranjan, Executive Director as an ex-officio member of the Monetary Policy Committee,” RBI said after the board met.

Ranjan was an advisor in-charge in the monetary policy department, before he was elevated as an executive director.

Out of the six MPC members, three are external. The other three members are RBI governor who is the chairperson of the committee, the deputy governor in charge of the monetary policy, and one officer of RBI nominated by the central board. Typically, the executive director of MPD becomes the third internal member.

Ranjan has a master’s degree from Delhi School of Economics and a PhD from Mumbai University. Ranjan will be a part of the monetary policy review meeting next month, scheduled between 6-8 June.