 "Monetary Policy Committee likely to get a new member before October meet")
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The Reserve Bank of India's (RBI's) monetary policy committee (MPC) is likely to have a new member as an internal member, Rajiv Ranjan, is set to retire before the upcoming October policy meeting, NDTV Profit reported on Wednesday.
According to the report, Indranil Bhattacharyya will take over as executive director in charge of the monetary policy department. However, before Bhattacharyya assumes the role, the central board will need to nominate him.
On March 20, the RBI had appointed Bhattacharyya as the executive director for the Department of Economic and Policy Research. Before his promotion, Bhattacharyya was serving as adviser in the RBI's Monetary Policy Department.
Who is Indranil Bhattacharyya?
With over 28 years of experience in central banking, Bhattacharyya has spent more than two-third of his career working on monetary policy. He has worked as an economic expert for five years, from 2009 to 2014 with Qatar Central Bank in Doha.
Bhattacharyya has a postgraduate degree in economics from Jawaharlal Nehru University, New Delhi. 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.
Ranjan will lead the Department of Economic and Policy Research
A representative of the RBI in MPC since May 2022, Ranjan will now lead the Department of Economic and Policy Research at the central bank, the report said. The policy committee consists of six members. While three members are RBI officials, the remaining three are appointed by the Centre.
The other two members representing the central bank include the Governor Sanjay Malhotra and Deputy Governor in charge of monetary policy Poonam Gupta. Whereas the government-appointed external members are Saugata Bhattacharya, economist, Ram Singh, director, Delhi School of Economics, and Nagesh Kumar, director & CEO, Institute for Studies in Industrial Development.
The upcoming MPC meeting is scheduled between September 29 and October 1.
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