Government appoints Monetary Policy Committee Members

Government appoints Monetary Policy Committee Members. Indian Government appoints Monetary Policy Committee Members. The members are Ashima Goyal,Jayant R Varma and Shashank Bhide. The Monetary Policy Committee is headed by RBI Governor Shaktikanta Das.

  • The Present Committee was formed in 2016.
  • The members are appointed for tenure of four years. The members are not eligible of reappointment.
  • These members are appointed by Appointment Committee of the Cabinet chaired by Prime Minister Modi.

New Members of MPC:

  • Ashima Goyal, a professor at the Mumbai-based Indira Gandhi Institute of Developmental Research
  • Jayanth R Varma, a professor of finance at the Indian Institute of Management in Ahmedabad
  • Shashanka Bhide, an agricultural economist and a senior adviser with the National Council of Applied Economic Research in New Delhi

The new members will replace the three previous external members of the committee whose terms expired with the last policy meeting in August.

MPC Composition:

  • The committee consists of six members.
  • Three are nominated by Government of India as done recently. A Government official cannot be appointed to the committee.
  • The remaining three member of the committee are appointed within RBI.

About Monetary Policy:

Monetary policy refers to the policy of the central bank – ie Reserve Bank of India – in matters of interest rates, money supply and availability of credit. It is through the monetary policy, RBI controls inflation in the country.

Related Questions:

1) Who is the chairperson of the Monetary Policy committee of India? – RBI Governor

2) What do we call the rate at which the Reserve Bank of India lends money to commercial banks? – Repo Rate

3) What is meant by Open Market Operations? – Purchase and Sale of the Government Securities by RBI

4) What was the first Narsimham Committee’s recommendation regarding the SLR? – To bring it down from 38.5% to 25%

5) The members are appointed for a period of how many years? – four years

6) The Current Monetary Policy committee formed on which year? – 2016

7) The Monetary Policy committee consists of how many members? – 6 members

 

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