Union Government notifies constitution of Monetary Policy Committee

Posted on:30 Sep 2016 12:11:51

Union Government notifies constitution of Monetary Policy Committee
30 September 2016 Current Affairs: The Union Government has notified the constitution of the Monetary Policy Committee (MPC) on 29 September 2016.

The Reserve Bank of India Act, 1934 (RBI Act) has been amended by the Finance Act, 2016,  to provide for a statutory and institutionalised framework for a Monetary Policy Committee, for maintaining price stability.

As per the provisions of the RBI Act, out of the six Members of Monetary Policy Committee, three Members will be from the RBI. The other three Members of MPC will be appointed by the Central Government.

n exercise of the powers conferred by section 45ZB of the Reserve Bank of India Act, 1934, the Union Government has accordingly constituted the Monetary Policy Committee of RBI, with the following composition:

  1. The Governor of the Bank: Chairperson, ex officio

  2.  Deputy Governor of the Bank, in charge of Monetary Policy: Member, ex officio

  3. One officer of the Bank to be nominated by the Central Board: Member, ex officio

  4. Chetan Ghate, Professor, Indian Statistical Institute (ISI): Member

  5. Pami Dua, Director, Delhi School of Economics (DSE): Member 

  6. Ravindra H. Dholakia, Professor, Indian Institute of Management (IIM) Ahmedabad: Member


The Members of the Monetary Policy Committee appointed by the Union Government will hold office for a period of four years, with immediate effect or until further orders, whichever is earlier.

 


Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs May 2017

27 MAY
NEWS
26 MAY
NEWS
25 MAY
NEWS
24 MAY
NEWS

Current Affairs April 2017

29 APRIL
NEWS
28 APRIL
NEWS
27 APRIL
NEWS
26 APRIL
NEWS

Current Affairs March 2017

31 MARCH
NEWS
30 MARCH
NEWS
29 MARCH
NEWS
28 MARCH
NEWS