The Reserve Bank of India's central board of directors has appointed Executive Director Indranil Bhattacharyya as an ex-officio member of the monetary policy committee, the central bank said in a press release.
This decision has come as the RBI's board met in Lucknow under the Chairmanship of Governor Sanjay Malhotra.
On Aug. 13, NDTV Profit had exclusively reported that MPC is set to see change as Bhattacharyya has taken over as executive director in charge of the monetary policy department.
Bhattacharyya has taken over from Rajiv Ranjan, who has swapped with the former to lead the Department of Economic and Policy Research at the central bank. Ranjan has been one of the three RBI representatives on the MPC since May 2022.
According to the rules of the constitution of the committee, the MPC will consist of three external members, the RBI governor, one deputy governor and one member recommended by the central board of the RBI. Typically, that last position goes to the ED of the monetary policy department.
Bhattacharyya was promoted as an ED in March 2025, handling the economic and policy research department. Prior to that, he served as chief general manager of the monetary policy department.
Apart from Bhattacharya's appointment, the board also assessed the emerging global and domestic economic landscape, including the geopolitical and financial market developments and associated challenges.
Deputy Governors M Rajeshwar Rao, T Rabi Sankar, Swaminathan J, Dr. Poonam Gupta and other directors of the central board also attended the meeting, the press release said.
The other members of the MPC currently include Governor Sanjay Malhotra, Deputy Governor Poonam Gupta, and external members Ram Singh, Saugata Bhattacharya and Nagesh Kumar.
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