The Board of Reserve Bank of India (RBI) on May 2 approved the nomination of Rajiv Ranjan, executive director as an ex-officio member of the Monetary Policy Committee (MPC), the central bank said in a release.
“The 595th meeting of the Central Board of Directors of Reserve Bank of India was held today under the Chairmanship of Shri Shaktikanta Das, Governor, through video conferencing. The Board approved the nomination of Dr. Rajiv Ranjan, Executive Director as an ex-officio member of the Monetary Policy Committee,” the RBI said.
Deputy Governors M.K. Jain, Michael Patra, M. Rajeshwar Rao, and other directors of the Central Board, Satish Marathe, S. Gurumurthy, Revathy Iyer, and Sachin Chaturvedi attended the meeting.
Ajay Seth, secretary at the Department of Economic Affairs also attended the meeting, the RBI said.
During its previous meeting on April 8, MPC retained the key policy rate at 4 percent and maintained its accommodative stance. The reverse repo, or the rate at which the central bank borrows short-term funds from banks, was left unchanged at 3.35 percent.
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