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Janak Raj expected to be the third internal member of the monetary policy committee

Janak Raj expected to be the third internal member of the monetary policy committee

The RBI's principal adviser in the monetary policy department, Janak Raj, is likely to be the 3rd internal member of the central bank in the monetary policy committee (MPC), which sets interest rates. He will be replacing Michael Patra who is the executive director of the monetary policy department, who was elevated as the deputy governor.

Key Points:

  • The MPC consists of 6 members, out of which 3 are RBI's internal members and 3 are external experts.
  • According to the law, by default, the Governor and the Deputy Governor of RBI who are in charge of the monetary policy are the two RBI internal members of MPC.
  • The 3rd member could be any RBI officer.
  • RBI Governor Shaktikanta Das and the deputy Governor Michael Patra are the 2 RBI internal members of MPC.

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