RBI Appoints Indranil Bhattacharyya as New MPC Member Ahead of October Policy Meet

In a significant leadership development, the Reserve Bank of India (RBI) has appointed Indranil Bhattacharyya, Executive Director of the Monetary Policy Department, as the newest ex officio member of the Monetary Policy Committee (MPC). This move comes ahead of the committee’s upcoming meeting scheduled between September 29 and October 1, 2025. Bhattacharyya replaces Rajiv Ranjan, who is retiring, ensuring a seamless transition in the RBI’s key policy-making body.

Indranil Bhattacharyya: A Career Rooted in Monetary Policy

With more than 28 years of experience in central banking, Bhattacharyya brings deep expertise and insight to the MPC.

Key Highlights of His Career

• Over two-thirds of his professional journey has focused on monetary policy formulation.
• Served as Executive Director of the Department of Economic and Policy Research (DEPR) since March 2025.
• Worked as an economic expert with Qatar Central Bank from 2009 to 2014.
• Holds a postgraduate degree in economics from Jawaharlal Nehru University (JNU), New Delhi.
• Published several papers in national and international journals in areas like monetary economics, financial markets, and market microstructure.

His background positions him well to contribute meaningfully to the shaping of India’s monetary policy in the coming months.

The Role and Importance of the MPC

The Monetary Policy Committee (MPC) is crucial in formulating India’s monetary policy, including interest rate decisions to maintain inflation targets and support economic growth.

Responsibilities of the MPC

• Setting the benchmark interest rate (repo rate).
• Maintaining inflation within the targeted range.
• Supporting broader economic stability and growth.