The Indian government has reconstituted the Monetary Policy Committee (MPC) on 1 October 2024, under the Reserve Bank of India (RBI) Act, 1934. This committee plays a crucial role in setting the country’s monetary policy, including interest rates. The MPC’s decisions directly impact inflation rates, economic growth, and overall financial stability in India.
The reconstituted MPC consists of six members:
- Governor of the Reserve Bank of India – Chairperson, ex officio.
- Deputy Governor of the Reserve Bank of India, in charge of Monetary Policy – Member, ex officio.
- One officer of the Reserve Bank of India, nominated by the Central Board – Member, ex officio.
- Prof. Ram Singh, Director, Delhi School of Economics, University of Delhi – Member.
- Saugata Bhattacharya, Economist – Member.
- Dr. Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development, New Delhi – Member.
The members appointed by the Central Government will hold office for a period of four years or until further orders, whichever is earlier.
