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Informist, Friday, Aug. 22, 2025

 

--RBI: Central board approved nomination of Indranil Bhattacharyya to MPC

 

NEW DELHI – The central board of the Reserve Bank of India has nominated Executive Director Indranil Bhattacharyya as an ex-officio member of the Monetary Policy Committee. Bhattacharyya will be the third RBI official in the MPC, replacing Executive Director Rajiv Ranjan, who is scheduled to retire before the October meeting of the rate setting panel.

 

The RBI's central board met Friday, where it also assessed the emerging global and domestic economic landscape, including the geopolitical and financial market developments and associated challenges. "The Board reviewed the functioning of select Central Office Departments of the Bank and also of Committees of Central Board and the Ombudsman Scheme," the RBI said in a release.

 

Bhattacharyya has over 28 years of experience in central banking, of which around 23 years have been spent in the RBI. He joined the RBI in September 1996 and worked there till 2009. Bhattacharyya worked in the Qatar Central Bank as an economic expert between 2009 and 2014, before returning to the RBI. He has spent a large part of his career working on monetary policy and was previously chief general manager in the RBI's Monetary Policy Department. He has a master's degree in economics from Jawaharlal Nehru University.

 

The RBI earlier this month allocated the Monetary Policy Department to Bhattacharyya. This department was previously allocated to Ranjan, who has now been moved to the Department of Economic and Policy Research. 

 

Typically, the executive director in charge of the Monetary Policy Department is the third RBI official part of the MPC. The other two RBI members of the MPC are Governor Sanjay Malhotra and Deputy Governor Poonam Gupta. The MPC also has three external members nominated by the government--Nagesh Kumar, director and chief executive at Institute for Studies in Industrial Development; economist Saugata Bhattacharya; and Ram Singh, director at Delhi School of Economics.

 

The MPC last met Aug. 4-6, where it left the repo rate unchanged at 5.50%, having lowered it by 100 basis points between February and June. The panel will next meet Sept. 29-Oct. 1. In his minutes of the August meeting, Ranjan said that "this was one of the most difficult meetings" in terms of deciding on the future course of monetary policy. "...I felt that the arguments were equally strong and delicately poised on both sides in this August meeting--to cut the policy repo rate by 25 bps or not to cut," Ranjan said.  End

 

Reported by Shubham Rana

Edited by Akul Nishant Akhoury

 

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