The Reserve Bank of India (RBI) appointed its Executive Director Janak Raj as member of the Monetary Policy Committee (MPC). He will replace M D Patra, who was recently elevated as Deputy Governor of the RBI. The MPC is headed by the RBI Governor. The Monetary Policy Committee of India is responsible for fixing the benchmark interest rate in India. The meetings of the Monetary Policy Committee are held at least 4 times a year and it publishes its decisions after each such meeting.
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