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.

 

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs November 2017

22 NOVEMBER
NEWS
21 NOVEMBER
NEWS
20 NOVEMBER
NEWS
19 NOVEMBER
NEWS

Current Affairs October 2017

31 OCTOBER
NEWS
30 OCTOBER
NEWS
29 OCTOBER
NEWS
28 OCTOBER
NEWS

Current Affairs September 2017

30 SEPTEMBER
NEWS
28 SEPTEMBER
NEWS
27 SEPTEMBER
NEWS
26 SEPTEMBER
NEWS