The board of Reserve Bank of India (RBI) has decided to nominate Janak Raj, executive director in-charge of the monetary policy department, as its third internal member of the monetary policy committee (MPC). “The board nominated Dr. Janak Raj, executive director on the monetary policy committee as an ex-officio member,” the RBI said. The Committee, which sets the interest rate, has six members, of which three are from the Reserve Bank. As per law, two of RBI’s internal members are the Governor and the Deputy Governor in-charge of monetary policy. The third member can be any RBI officer.
The post of the third RBI member in MPC fell vacant after Micheal Patra was appointed as Deputy Governor of the RBI. Mr. Patra will continue to be a MPC member since he is in-charge of the monetary policy department.
