Government picks three new members to join RBI’s Monetary Policy Committee

Central government appoints new members to the Monetary Policy Committee for a four-year term, including RBI representatives and government appointees.

The Central government, on Tuesday (October 1, 2024), appointed new monetary policy committee members with immediate effect.

The new members are Ram Singh, Saugata Bhattacharya and Nagesh Kumar. They have been appointed by the central government for a period of four years.

As per the provisions of the RBI Act, the Monetary Policy Committee (MPC) consists of six members — three members from RBI and three were appointed by the central government.

The three members of RBI are Governor, Deputy Governor and one officer to be nominated by the central board.

The members will be holding office for a period of four years with immediate effect or until further orders, whichever is earlier.