GoI appoints three new economists as RBI’s MPC members

The Government of India has appointed three new economists as members of the six-member rate-setting Monetary Policy Committee(MPC) of the Reserve Bank of India (RBI). The government had formed a committee for selection of these three new members of MPC. This search-cum-selection committee for MPC was headed by Economic Affairs Secretary Tarun Bajaj.

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The new members are:

• Prof. Ashima Goyal, a professor at the Mumbai-based Indira Gandhi Institute of Developmental Research
• Prof. Jayanth R Varma, a professor of finance at the Indian Institute of Management in Ahmedabad
• Dr. Shashanka Bhide, an agricultural economist and a senior adviser with the National Council of Applied Economic Research in New Delhi

About Monetary Policy Committee

• MPC committee of RBI comprises six members which include three officials of the Reserve Bank of India and three external members nominated by the Government of India.
• The three members from RBI Side are Dr. Mridul K. Saggar, Dr. Michael Debabrata Patra and Shri Shaktikanta Das.
• Governor of RBI is the Ex-Officio Chairman of MPC.
• They replace the three previous external MPC candidates, Chetan Ghate, Ravindra Dholakia and Pami Dua, whose terms expired with the last policy meeting in August 2020.

Important takeaways for all competitive exams: 

• RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

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