- Indranil Bhattacharyya has become executive director of the monetary policy department at RBI
- Rajiv Ranjan moved to lead the economic and policy research department and will retire soon
- Ranjan was one of three RBI representatives on the Monetary Policy Committee since May 2022
The monetary policy committee is set to see change as Indranil 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 is set to retire soon from the RBI.
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.
According to a person with direct knowledge of the matter, the central board will need to nominate Bhattacharyya before he assumes his spot on the MPC in the upcoming October policy.
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.
Ranjan has been part of the RBI since 1989, when he started working in the economic and policy research department. He was deputed to the Central Bank of Oman as an economic policy expert between 2012 and 2015.
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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