Govt appointed Ashima Goyal, Jayanth R Varma, Shashanka Bhide as MPC members

The government has appointed three eminent economists Ashima Goyal, Jayanth R Varma and Shashanka Bhide as members of the rate-setting Monetary Policy Committee of the RBI.

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Key-Points

The new members nominated have been given a four-year term.

The other three ex-officio members of the MPC are Reserve Bank Governor Shaktikanta Das, Deputy Governor (in-charge of monetary policy) Michael Patra and executive director Janak Raj. The panel is chaired by RBI governor Shaktikanta Das.

The six-member MPC has the mandate to maintain annual inflation at 4 percent, with an upper tolerance of 6 percent and a lower tolerance of 2 percent.

The last meeting of the panel was held in August wherein the committee had decided to keep interest rates unchanged in a bid to tame inflation.