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DAILY NEWS ANALYSIS
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14 September, 2025
3 Min Read
Indranil Bhattacharyya, Executive Director at RBI, has been appointed as a member of the Monetary Policy Committee (MPC).
Role:
The MPC is responsible for deciding the key policy interest rate (repo rate) that controls inflation to ensure price stability while supporting economic growth.
Legal Basis:
Set up under Section 45ZB of the Reserve Bank of India Act, 1934, amended in 2016 to incorporate a flexible inflation targeting framework.
Inflation Target:
The government, in consultation with RBI, sets the inflation target every five years. The MPC decides the repo rate needed to achieve this target.
Function:
To fix the benchmark policy rate to keep inflation within the target range.
Composition:
Total 6 members:
RBI Governor (Chairperson)
RBI Deputy Governor (in charge of monetary policy)
One official nominated by RBI Board
Three members nominated by the Government of India (external experts) with a 4-year term each
Quorum: Minimum 4 members (including Governor or Deputy Governor)
Decision-making:
Decisions made by majority voting.
RBI Governor holds a casting vote in case of a tie.
MPC decisions are binding on the RBI.
Meetings:
Must meet at least four times annually.
Support:
RBI’s Monetary Policy Department (MPD) assists the MPC in its work.
Source: THE HINDU
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