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RBI Appoints Indranil Bhattacharyya as Ex-Officio Member of Monetary Policy Committee.

Appointment | Dated: 24 Aug 2025

The Reserve Bank of India (RBI) recently announced the appointment of Indranil Bhattacharyya, Executive Director of RBI, as an ex-officio member of the Monetary Policy Committee (MPC). The decision was taken during the 618th meeting of RBI’s Central Board of Directors held in Lucknow, Uttar Pradesh.

🎯 Key Highlights:

  • - Indranil Bhattacharyya succeeds Rajiv Ranjan, who has now been moved to lead the Department of Economic and Policy Research (DEPR). The MPC meeting was chaired by Sanjay Malhotra, the 25th Governor of RBI, and focused on reviewing economic conditions and monetary policy frameworks.
  • - The 618th Central Board of Directors meeting reviewed both global and domestic economic developments with particular emphasis on challenges arising from geopolitical tensions and financial market volatility. The meeting also assessed the functioning of Central Office Departments, Board Committees, and the Ombudsman Scheme, ensuring alignment with RBI’s policy objectives.
  • - Key attendees at the meeting included RBI’s Deputy Governors—M. Rajeshwar Rao, T. Rabi Sankar, Swaminathan J, and Dr. P. K. Mohanty. Government representation was provided by Nagaraj Mudaliar, Secretary of the Department of Financial Services (DFS), and Anuradha Thakur, Secretary of the Department of Economic Affairs (DEA).

💡 Other Important Facts:

  • (i) Prominent Board Members also attended, including Satish K. Marathe, Revathy Iyer, Sachin Chaturvedi, Anand Gopal Mahindra (Chairman, Mahindra Group), Pankaj Ramanbhai Patel (Chairman, Zydus Lifesciences Ltd.), and Dr. Ravindra H. Dholakia. Their participation highlighted the strong linkage between central banking policy and corporate-economic perspectives.
  • (ii) Indranil Bhattacharyya brings over 28 years of experience in central banking and has served more than two-thirds of his career in the Monetary Policy Department (MPD). He also worked as an Adviser in RBI’s MPD and gained international exposure as an Economic Expert at Qatar Central Bank (QCB), Doha, for five years between 2009 and 2014.
  • (iii) The MPC, constituted under the RBI Act, 1934, consists of six members—three RBI nominees and three external experts. It is responsible for setting benchmark interest rates, shaping monetary policy, and supporting overall financial stability, making Bhattacharyya’s appointment a key move for RBI’s future strategy.

📚 Test Your Knowledge:

Who has been recently appointed as the ex-officio member of the Monetary Policy Committee (MPC) by the Reserve Bank of India (RBI)?

Correct Answer: Indranil Bhattacharyya

🚀 Quick Recap:

About RBI

  • Governor : Sanjay Malhotra
  • Headquarter : Mumbai