Indranil Bhattacharyya Joins RBI Monetary Policy Committee as Ex-Officio Member
Lucknow, Aug 22 – The Central Board of Directors of the Reserve Bank of India (RBI) on Friday approved the nomination of Indranil Bhattacharyya, Executive Director, as an ex-officio member of the Monetary Policy Committee (MPC). The appointment was confirmed during the 618th meeting of the Central Board, chaired by RBI Governor Sanjay Malhotra, in Lucknow.
Bhattacharyya takes over from Rajiv Ranjan, who has been representing the central bank on the MPC since May 2022. Ranjan, head of the Department of Economic and Policy Research, played a key role in shaping recent monetary policy decisions.
RBI’s Review of Economic Landscape
In its statement, the RBI said the Board assessed the evolving global and domestic economic conditions, including geopolitical developments, financial market challenges, and their potential impact on India’s growth trajectory. The Board also reviewed the performance of select Central Office Departments, Committees of the Central Board, and the Ombudsman Scheme.
The meeting was attended by Deputy Governors M. Rajeshwar Rao, T. Rabi Sankar, Swaminathan J., and Dr. Poonam Gupta, along with other directors of the Central Board.
Structure of the Monetary Policy Committee
The Monetary Policy Committee plays a pivotal role in setting India’s interest rate policies. According to RBI guidelines, the MPC consists of:
- Three external members,
- The RBI Governor,
- One Deputy Governor, and
- One member recommended by the Central Board, typically the Executive Director of the Monetary Policy Department.
With his induction, Bhattacharyya will be directly involved in critical decisions on interest rates, liquidity, and inflation management.
Current Monetary Policy Stance
Earlier this month, the MPC decided to keep the repo rate unchanged at 5.5% while maintaining a neutral stance. This approach balances inflation control without hampering economic growth.
The central bank also retained its GDP growth forecast at 6.5% for FY 2025-26, citing robust rural demand, a favorable monsoon season, and government-led infrastructure spending as major drivers of growth.
TheTrendingPeople.com’s Final Thoughts
The inclusion of Indranil Bhattacharyya in the MPC comes at a crucial time when India faces both global headwinds and domestic challenges. His expertise is expected to strengthen the committee’s decisions, particularly in ensuring stability in inflation and sustaining growth momentum.