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The government initially proposed a seven-member committee [5] - three from the RBI and four nominated by it. Subsequent negotiations led to the current composition of the committee, with the external members having a four-year term. [citation needed] The Reserve Bank's Monetary Policy Department (MPD) assists the MPC in formulating the ...
The Monetary Policy Committee is entrusted with the task of fixing the benchmark policy rate (repo rate) required to maintain inflation within the specified target level. As per the provisions of the RBI Act, three of the six Members of the Monetary Policy Committee will be from the RBI and the other three Members will be appointed by the ...
In 2016, the Government of India amended the RBI Act to establish the Monetary Policy Committee (MPC) to set. This limited the role of the RBI in setting interest rates, as the MPC membership is evenly divided between members of the RBI (including the RBI governor) and independent members appointed by the government.
Patra is a 1985 batch RBI Grade B officer. [4] [5] Before his appointment as deputy governor, Patra served as the executive director of the monetary policy department of RBI—where he moved to in 2006—and as such, was an internal member of the powerful Monetary Policy Committee.
Monetary Policy Committee (India) R. RBI Monetary Museum This page was last edited on 17 January 2024, at 17:53 (UTC). Text ...
For a brief period, he was one of the members of the first Monetary Policy Committee. [ 1 ] As the Deputy Governor, he was Chairman of Bharatiya Reserve Bank Note Mudran Private Ltd (the currency printing subsidiary of the Reserve Bank) and Chairman of the IDRBT (a Banking technology research institute promoted by the Reserve Bank).
The FOMC is made up of 12 members: the seven board of governors, the president of the regional New York Fed and four other Reserve Bank presidents located throughout the country.
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