RBI sets up panel to examine monetary policy framework

MUMBAI (Reuters) - The Reserve Bank of India on Thursday announced the details of its committee constituted to examine the current monetary policy framework and recommend ways to revise and strengthen it to make it more transparent and predictable.

RBI Governor Raghuram Rajan, who took over on September 4, had announced the committee would be headed by Deputy Governor Urjit Patel.

The other members in the committee are:

P.J. Nayak, Chetan Ghate, Associate Professor, economics and planning unit at Indian Statistical Institute; Peter J. Montiel, professor of economics, Williams College, USA; Sajjid Z. Chinoy, Chief Economist and Executive Director at JP Morgan; Rupa Nitsure, Chief Economist at Bank of Baroda; Gangadhar Darbha, Executive Director, Nomura Securities; Deepak Mohanty, Executive Director, RBI.

The panel will review the objectives, structure, operating framework and instruments of monetary policy, particularly the multiple indicator approach and the liquidity management framework, the RBI said.

It will also identify regulatory, fiscal and other impediments to monetary policy transmission, and recommend measures to improve transmission.

The committee is expected to submit its report within three months, the RBI said.

(Reporting by Suvashree Dey Choudhury; Editing by Sunil Nair)