Mumbai: The Reserve Bank of India (RBI) has appointed Dr Janak Raj as an Ex-officio Member of the Monetary Policy Committee (MPC) on Wednesday. Prior to this, he was serving as Executive Director in the organisation.
Dr Janak Raj has been appointed as a member of MPC by the RBI's Central Board.
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With this, he has replaced MD Patra, who was recently elevated as Deputy Governor of the RBI.
"The Reserve Bank of India (RBI) Central Board had its 581st meeting today in Mumbai under the Chairmanship of Shaktikanta Das, Governor," the Bank Regulator said in a statement.
The meeting was attended by the RBI's Deputy Governors BP Kanungo, Mahesh Kumar Jain and Dr MD Patra.
"The Reserve Bank of India (RBI) Central Board had its 581st meeting today in Mumbai under the Chairmanship of Shaktikanta Das, Governor,"- Statement by Reserve Bank of India
In the meeting, other directors of the Central Board including N Chandrasekaran, Bharat N Doshi, Sudhir Mankad, Dr Ashok Gulati, Manish Sabharwal, Dr Prasanna Kumar Mohanty, Satish K Marathe, Revathy Iyer and Professor Sachin Chaturvedi were also present in the meeting.
The Monetary Policy Committee (MPC) is responsible for fixing the benchmark interest rate in India. The meetings of the Monetary Policy Committee are held at least 4 times a year and it publishes its decisions after each such meeting.