RBI names Indranil Bhattacharyya as new MPC member ahead of October meet

The RBI Board approved Bhattacharyya's nomination as an ex officio MPC member, replacing Rajiv Ranjan

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The Reserve Bank of India (RBI) on Friday approved the nomination of Executive Director Indranil Bhattacharyya as an ex officio member of the Monetary Policy Committee (MPC).

 

He replaces Rajiv Ranjan, the outgoing MPC member, who was due to retire before the October policy meeting. Bhattacharyya recently took charge as Executive Director of the RBI’s Monetary Policy Department, succeeding Ranjan.

 

The decision was made during the 618th meeting of the Central Board of Directors of the RBI in Lucknow under the chairmanship of Governor Sanjay Malhotra.

 

Bhattacharyya will now be a part of the upcoming MPC meeting scheduled between September 29 and October 1.

Who is Indranil Bhattacharyya?

With over 28 years of experience in central banking, Bhattacharyya has spent more than two-thirds of his career working on monetary policy. He had joined the central bank as the executive director for the Department of Economic and Policy Research on March 20.

 

 

Bhattacharyya has also worked as an economic expert for five years, from 2009 to 2014, with Qatar Central Bank in Doha.

 

An alumnus of Jawaharlal Nehru University, New Delhi, Bhattacharyya holds a postgraduate degree in economics. His research interests are primarily in monetary economics, monetary policy, and analysis of financial markets with special emphasis on market microstructure. He has also published several papers in national and global journals in these areas.

RBI Board reviews economy and operations

Apart from Bhattacharyya's appointment, the Board also assessed the emerging global and domestic economic landscape, including the geopolitical and financial market developments and associated challenges. The Board reviewed the functioning of select Central Office Departments of the Bank.

 

The meeting was attended by RBI's deputy governors, including Rajeshwar Rao, T Rabi Sankar, Swaminathan J, Dr Poonam Gupta, and other Directors of the Central Board.