MPC panel to get a new face: Rajiv Ranjan likely to replace Mridul Saggar

Rajiv Ranjan likely to replace Mridul Saggar in rate-setting panel

The Reserve Bank of India’s (RBI’s) rate-setting panel — Monetary Policy Committee (MPC) — is set to get a new member. Internal mem­ber Mridul Saggar will be retiring by the end of the mo­nth. Saggar is one of the exe­cutive directors of the RBI.

His portfolios include the Department of Econo­mic and Policy Research and the Monetary Policy Department (MPD).

Chief General Manager Sitikantha Pattanaik and MPD Advisor-in-Charge Rajiv Ranjan have already been empanelled as executive directors. While both are in contention for the MPC seat, sources said it is likely that Ranjan will be making it to the panel. Ranjan has