Ministry of Finance names three members for MPC
The members of MPC is appointed for a period of four years but will not be eligible for re-appointment.
The government on Thursday appointed three members to Monetary Policy Committee.
Ministry of Finance in a tweet said these members are Chetan Ghate, Professor, Indian Statistical Institute; Pami Dua, Director, Delhi School of Economics; and Ravindra Dholakia, Professor, Indian Institute of Management, Ahmedabad.
The members of MPC is appointed for a period of four years but will not be eligible for re-appointment.
ACC approves appointment of Prof. Chetan Ghate, ISI, Prof Pami Dua, Director, DSE & Dr.R.H. Dholakia, Prof, IIM Ahmedabad. as Members of MPC
— Ministry of Finance (@FinMinIndia) September 22, 2016
In June, the government decided to enforce a law for setting up a broad-based, 6-member committee that is likely to decide on interest rate. The rest of the three members will be from the Reserve Bank of India, including RBI Governor Urijit Patel.
The next monetary policy review will be on October 4 and the new MPC will set the rates by majority and with RBI Governor having a casting vote in case of a tie.
Till now, the Governor had overriding powers to accept or reject the recommendation of the Reserve Bank of India's panel on monetary policy.
MPC will have a mandate to bring retail or Consumer Price Index-based inflation to a pre-set target. The meetings of MPC will be held at least four times a year and it will publicize its decisions after each meeting.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
02:18 PM IST