RBI board approves nomination of Indranil Bhattacharyya as ex-officio member of the MPC

Reserve Bank of India

Reserve Bank of India’s The Central Board of Directors on August 22 approved the nomination of Indranil Bhattacharyya, Executive Director as an ex-officio member of the Monetary Policy Committee.

The decision was taken at 618th meeting of RBI’s Central Board of Directors in Lucknow, under the Chairmanship of Governor Sanjay Malhotra.

Bhattacharyya was elevated to the post of ED on March 19, 2025, after serving as Adviser in the central bank’s Monetary Policy Department. At the time of his promotion to ED, he was tasked with overseeing the Department of Economic and Policy Research (DEPR).

The MPC, constituted under the RBI Act, 1934, is responsible for setting India’s benchmark policy interest rates with the objective of maintaining inflation within the target band while supporting economic growth.

The board also assessed the emerging global and domestic economic landscape, including the geopolitical and financial market challenges. The Board reviewed the functioning of key Central Office Departments of RBI and also of Committees of Central Board and the Ombudsman Scheme.

The meeting was attended by RBI Deputy Governors M Rajeshwar Rao, T Rabi Sankar, Swaminathan J, Poonam Gupta and other Directors of the Central Board - Nagaraju Maddirala, Secretary, Department of Financial Services, Anuradha Thakur, Secretary, Department of Economic Affairs, Satish K Marathe, Revathy Iyer, Professor Sachin Chaturvedi, Anand Gopal Mahindra, Pankaj Ramanbhai Patel and Ravindra H Dholakia, the release said.