MUMBAI: The Reserve Bank has said its central board has approved the nomination of Indranil Bhattacharyya, an executive director in the monetary policy department as an ex-officio member of the rate-setting Monetary Policy Committee, to fill the upcoming vacancy being created by the superannuation of the current member Ranjan.
Ranjan has been an MPC member since May 2022 and has since attended 21 rate-setting meetings and will superannuate late September. The next MPC meeting is slated for September 29-October 1.
The six-member MPC has three internal members—the governor Sanjay Malhotra, deputy governor in charge of monetary policy department and an executive director in the same department. They are all ex-officio permanent members, while the panel also has three external members appointed by the government who have a three-year term. The third panel of external members are Nagesh Kumar, Saugata Bhattcharya and Ram Singh.
The RBI said the nomination of Indranil Bhattacharyya was concluded at the 618th meeting of the central board of the Reserve Bank of India held under the chairmanship of the governor Sanjay Malhotra in Lucknow Friday.
The board assessed the emerging global and domestic economic landscape, including the geopolitical and financial market developments and associated challenges. The board also reviewed the functioning of select central office departments of the RBI and also of committees of central board and the Ombudsman scheme, RBI said in a statement.
Deputy governors M Rajeshwar Rao, T Rabi Sankar, Swaminathan J, and Poonam Gupta and other directors of the central board–Nagaraju Maddirala, financial services secretary, Anuradha Thakur, economic affairs secretary, Satish K Marathe, Revathy Iyer, Sachin Chaturvedi, Anand Mahindra, Pankaj Ramanbhai Patel and Ravindra H Dholakia – attended the meeting.
Indranil Bhattacharyya was elevated as an ED in March and is looking after the department of economic policy research. Before his elevation as ED, he was an advisor in the monetary policy department.
Bhattacharyya is a postgraduate in economics from the JNU, New Delhi.