RBI board to meet Friday to approve new internal monetary policy member

The RBI board will approve Indranil Bhattacharyya as the new internal member of the monetary policy committee, replacing Rajiv Ranjan ahead of the next review in late September

The central board of the Reserve Bank of India (RBI) will meet on Friday and, among other matters, approve a new member of the Monetary Policy Committee (MPC).

 

Indranil Bhattacharyya, Executive Director of the Monetary Policy Department, will replace Rajiv Ranjan in the rate-setting panel as one of the internal members. Ranjan, who has been part of the MPC since May 2022 and has attended 21 MPC meetings, will superannuate by the end of September.

 

The next review of monetary policy is scheduled from 29 September to 1 October 2025. 

The six-member rate-setting panel comprises three internal members—the RBI Governor, the Deputy Governor in charge of monetary policy, and one officer of the RBI nominated by the central board. Since the inception of the monetary policy framework in October 2016, the Executive Director in charge of the Monetary Policy Department has been the third internal member. 

 

Bhattacharyya was promoted to the role of Executive Director in March this year and was looking after the Department of Economic and Policy Research (DEPR). Prior to his promotion, he served as Adviser in the Monetary Policy Department.

 

Over a span of nearly three decades, Bhattacharyya, who holds a postgraduate degree in economics from Jawaharlal Nehru University, has worked in the areas of monetary policy, fiscal policy, banking and international economic relations across the Monetary Policy Department, the DEPR and the International Department of the RBI. He also served as an Economic Expert in the Technical Office of the Governor at Qatar Central Bank, Doha, for five years (2009–14).