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Government has appointed three academics as members of interest-rate setting <keyword id="6375120" type="ORGANIZATION" weightage="20" keywordseo="monetary-policy-committee">Monetary Policy Committee</keyword> - Indian Statistical Institute professor <keyword id="6638266" type="UNKNOWN" weightage="20" keywordseo="Chetan-Ghate">Chetan Ghate</keyword>, Delhi School of Economics director <keyword id="3678398" type="PERSON" weightage="20" keywordseo="Pami-Dua">Pami Dua</keyword> and Ravindra H Dholakia of IIM-Ahmedabad. 
 
The three experts have been appointed for a period of four years. We will tell you all about the three academicians in a slideshow below, but before that here’s a little bit about the other members who will be a part of the committee. 
 The other three members will come from the Reserve Bank of India and will include <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> Governor <keyword id="6375119" type="UNKNOWN" weightage="20" keywordseo="Urjit-Patel">Urjit Patel</keyword>, Deputy Governor R. Gandhi, who is in charge of the monetary policy, and Executive Director Michael Patra. Urjit Patel will have a casting vote in case of a tie in the six-member committee. 
 
Setting up of the panel will bring about a landmark change to how central bank decisions are made in the country. It represents a marked change to monetary policy, which was previously decided solely by the RBI Governor. Instead, the Monetary Policy Committee will now strive to ensure that the inflation target decided by the government and the central bank is met. The RBI has the mandate to contain retail inflation within a band of 4%, plus or minus 2 percentage points. 
 
The MPC is slated to sit for its first monetary policy review on 4 October. 
 
Now, more about the academicians who will be deciding the Monetary Policy of India:

These 3 Professors are in the team that will decide India's Monetary Policy

<ul><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) has postponed the upcoming meeting of <keyword id="6375120" type="ORGANIZATION" weightage="20" keywordseo="monetary-policy-committee">Monetary Policy Committee</keyword> (MPC).</li><li>The new dates will be announced ‘shortly’, according to the notice issued by India’s apex bank. </li><li>The government is yet to announce its new nominations for the committee with the tenure of the current external members — Ravindra Dholakia, Pami Dua and Chetan Gate — set to expire on September 30. </li></ul>The Reserve Bank of India (RBI) has postponed the meeting of the Monetary Policy Committee (MPC) that was scheduled to take place starting September 29 through to October 1. The new dates will be announced ‘shortly’, according to the <a href="https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR40014EDCE17EA504028927F4652FE40441B.PDF">RBI’s notice.</a> Even though the central bank did not specify why it had to push the meeting forward, it’s likely because the new members of the MPC haven’t been announced yet. The tenure for three of the external members — Ravindra Dholakia, Pami Dua and Chetan Gate — is set to expire on September 30. Government yet to announce MPC’s new faces The MPC consists of 6 members. Three members are from the central bank and the other three are external — nominated by the government. The central government members each hold a term of four years from the date of appointment and are not eligible for re-appointment. The MPC recently replaced Janak Raj, an executive director at the RBI and MPC member who retired in June, with Mridul Saggar. The RBI had earlier approached the government to extend the tenure for these three till 31 March 2021 in view of the coronavirus pandemic. But, the government turned the request down. A panel headed by the Department of Economic Affairs secretary Tarun Bajaj is currently on the lookout for new eligible candidates. The search committee also includes RBI Governor Shaktikanta Das. However, the government is yet to announce the new names for external MPC members. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/sbi-warns-customers-to-beware-of-whatsapp-calls-and-scam-messages/articleshow/78361332.cms">SBI warns customers to beware of WhatsApp calls and scam messages</a> <a href="https://www.businessinsider.in/finance/banks/news/banks-stocks-hdfc-icici-sbi-kotak-mahindra-indusind-react-to-sc-verdict-on-moratorium/articleshow/78358550.cms">Bank stocks gain as Supreme Court defers verdict on loan moratorium case to October 5</a> <a href="https://www.businessinsider.in/tech/apps/news/free-calls-on-google-meets-will-be-limited-to-60-minutes-starting-september-30/articleshow/78360190.cms">Free calls on Google Meets will be limited to 60 minutes starting September 30</a> <a href="https://www.businessinsider.in/finance/banks/news/supreme-court-inclined-to-excuse-moratorium-interest-on-interest-as-it-gives-the-government-another-two-weeks-to-file-detailed-affidavit/articleshow/78033878.cms">Loan moratorium — Supreme Court gives government till Thursday to file affidavit, next hearing scheduled for October 5</a>

RBI postpones Monetary Policy meeting as the hunt for three new MPC members continues

The government on Monday appointed three eminent economists <keyword id="233535" type="PERSON" weightage="20" keywordseo="Ashima-Goyal">Ashima Goyal</keyword>, <keyword id="5497703" type="PERSON" weightage="20" keywordseo="Jayanth-R-Varma">Jayanth R Varma</keyword> and <keyword id="10056821" type="UNKNOWN" weightage="20" keywordseo="shankanka-bhide">Shankanka Bhide</keyword> as members of the rate-setting <keyword id="6375120" type="ORGANIZATION" weightage="20" keywordseo="monetary-policy-committee">Monetary Policy Committee</keyword> of the RBI, sources said. The Appointments Committee of the Cabinet (ACC) headed by the Prime Minister approved the names, the sources said. As per the RBI Act, the three new members would have four-year terms, the sources added. The new members replace Chetan Ghate, professor at the Indian Statistical Institute; Pami Dua, director at the Delhi School of Economics (DSE); and Ravindra Dholakia, professor at the Indian Institute of Management, Ahmedabad. Here’s what you need to know about the new additions to the <keyword id="6369693" type="UNKNOWN" weightage="20" keywordseo="MPC">MPC</keyword>: Goyal is a member of the Prime Minister’s economic advisory council. She was a visiting fellow at Yale university and is now a professor at the Indira Gandhi Institute of Development Research in Mumbai. Bhide works with the New Delhi-based think-tank National Council for Applied Economic Research with a special focus on agriculture, poverty analysis and macroeconomics. Varma is a finance and accounting professor at the Indian Institute of Management, Ahmedabad. He was formerly on the board of Securities and Exchange Board of India (SEBI), the country's capital markets' regulator. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/gst-compensation-deadlock-continues-government-to-release-20000-crore-cess-tonight-and-offers-relief-for-small-companies/articleshow/78496779.cms">GST compensation deadlock continues — government to release ₹20,000 crore cess tonight and offers relief for small companies</a> <a href="https://www.businessinsider.in/defense/news/the-indian-air-force-is-ready-for-a-two-front-war-with-china-and-pakistan-says-air-chief-marshal-rks-bhadauria/articleshow/78488605.cms">The Indian Air Force is ready for a two-front war, says Air Chief Marshal RKS Bhadauria</a> <a href="https://www.businessinsider.in/stock-market/news/tcs-shares-hit-record-high-board-to-mull-over-share-buyback-and-earnings-on-october-7/articleshow/78486980.cms">TCS' value crosses ₹10 trillion after share price rallies more than 7% ahead of earnings</a>

Meet the MPC's new members — Ashima Goyal, Jayanth R Varma, and Shankanka Bhide

Mumbai, Mar 27 () Following are the highlights of the seventh bi-monthly monetary policy statement for 2019-20 by the RBI amid COVID-19 pandemic: * Monetary Policy Committee (MPC) advances meeting scheduled for Apr 1-3 * Repo rate slashed by 75 basis points to 4.4% * Reverse repo rate cut sharply by 90 basis points to 4% making unattractive for banks to deposit funds * MPC votes unanimously for a reduction in the policy repo rate * MPC decides to continue with the accommodative stance as long as it is necessary * Committee votes 4:2 in favour of rate cut; unanimous on change in stance * 2 MPC members Chetan Ghate and Pami Dua voted for a 50 bps rate cut * Several measures taken to infuse liquidity of about Rs 3.74 lakh crore into the financial system * RBI to undertake repo operation to infuse Rs 1 lakh crore * Cash Reserve Ratio (CRR) cut sharply by 100 bps to 3 per cent releasing Rs 1.37 lakh cr into the system * RBI assures to work in mission mode, monitoring the evolving financial market and macroeconomic conditions * MPC for the first time advances meeting date and refrains from giving next meeting date in the wake of evolving situation * GDP growth rate of 5% for 2019-20 at risk from the impact of pandemic * Global slowdown to deepen with adverse implication for India; crude oil slump upside for country * Upside growth impulses to emanate from monetary, fiscal measures and the early containment of COVID-19 * Food prices to soften further on back of record foodgrain production * MPC refrains from giving out growth, inflation outlook for coming fiscal on uncertain outlook * RBI permits all lending institutions to allow 3-month moratorium on payment of installments on term loans * Moratorium on term loan, deferring of interest on working capital will not classify as default * RBI urges banks and other financial institutions to do all they can to keep credit flowing * All instruments - conventional and unconventional - on table to support financial stability and revive growth * RBI assures that banking system in India safe; deposits safe in private bank; public should not resort to panic withdrawal * RBI says macroeconomic fundamental stronger than that in aftermath of 2008 financial market crisis * Last tranche of the capital conservation buffer (CCB) for banks deferred for 6 months to Sep * The minutes of the MPC to be published by April 13. DP BAL ANSANSANS

Highlights of RBI's monetary policy statement

Mumbai, Mar 27 () Following are the highlights of the seventh bi-monthly monetary statement for 2019-20 by the RBI amid COVID-19 pandemic: * Monetary Policy Committee (MPC) advances meeting scheduled for Apr 1-3 * Repo rate slashed by 75 basis points to 4.4% * Reverse repo rate cut sharply by 90 basis points to 4% making unattractive for banks to deposit funds * MPC votes unanimously for a reduction in the policy repo rate * MPC decides to continue with the accommodative stance as long as it is necessary * Committee votes 4:2 in favour of rate cut; unanimous on change in stance * 2 MPC members Chetan Ghate and Pami Dua voted for a 50 bps rate cut * Several measures taken to infuse liquidity of about Rs 3.74 lakh crore into the financial system * RBI to undertake repo operation to infuse Rs 1 lakh crore * Cash Reserve Ratio (CRR) cut sharply by 100 bps to 3 per cent releasing Rs 1.37 lakh cr into the system * RBI assures to work in mission mode, monitoring the evolving financial market and macroeconomic conditions * MPC for the first time advances meeting date and refrains from giving next meeting date in the wake of evolving situation * GDP growth rate of 5% for 2019-20 at risk from the impact of pandemic * Global slowdown to deepen with adverse implication for India; crude oil slump upside for country * Upside growth impulses to emanate from monetary, fiscal measures and the early containment of COVID-19 * Food prices to soften further on back of record foodgrain production * MPC refrains from giving out growth, inflation outlook for coming fiscal on uncertain outlook * RBI permits all lending institutions to allow 3-month moratorium on payment of installments on term loans * Moratorium on term loan, deferring of interest on working capital will not classify as default * RBI urges banks and other financial institutions to do all they can to keep credit flowing * All instruments - conventional and unconventional - on table to support financial stability and revive growth * RBI assures that banking system in India safe; deposits safe in private bank; public should not resort to panic withdrawal * RBI says macroeconomic fundamental stronger than that in aftermath of 2008 financial market crisis * Last tranche of the capital conservation buffer (CCB) for banks deferred for 6 months to Sep * The minutes of the MPC to be published by April 13. DP BAL ANSANS

Highlights of RBI's monetary statement

<keyword id="7268643" type="UNKNOWN" weightage="20" keywordseo="rbi-governor-shaktikanta-das">RBI Governor Shaktikanta Das</keyword> has emhasised that although there is headroom for further monetary policy action, the "arsenal" has to be kept dry and used judiciously for promoting growth which has been hit hard by the COVID-19 pandemic, according to the MPC minutes released on Thursday. <div type="Article" hostid="261" msid="77388568" title="RBI brings in KV Kamath to set the boundaries for a one-time restructuring of loans" mstype="2" mssubtype="0"></div> After a three-day brainstorming earlier this month, all the six members of the Das-headed Monetary Policy Committee (MPC) had opted for a status quo and left interest rates unchanged. However, the MPC maintained an accommodative stance, implying more rate cuts in future if the need arises to support the coronavirus-hit economy. <div type="Article" hostid="261" msid="77387591" title="‘Watchful’ RBI leaves repo rate unchanged to keep inflation in check" mstype="2" mssubtype="0"></div> As per the minutes, Das also said it would be prudent at this stage to wait for a firmer assessment of the outlook for growth and inflation. "It would be prudent at this stage to wait for a firmer assessment of the outlook for growth and inflation as the staggered opening of the economy progresses, supply bottlenecks ease and the price reporting pattern stabilizes," Das said. The Governor noted that low capacity utilisation amid subdued domestic and external demand is likely to delay early revival of investment demand. Real GDP is likely to shrink in the first half of the year, and growth for the full year 2020-21 is estimated to be negative, he said. Generalised inflationary pressures across food and Consumer Price Index (CPI) excluding food and fuel, in a situation where growth is expected to contract sharply, is a matter of serious concern, Das added. "As I have been reiterating since October 2019, monetary policy is geared towards supporting the economic recovery process. Although there is headroom for further monetary policy action, at this juncture it is important to keep our arsenal dry and use it judiciously," he said. He also felt that "we should wait for some more time" for the cumulative 250 basis points reduction in policy rate since February 2019 to seep into the financial system and further reduce interest rates and spreads. Cautioning that outlook for the economy was grim, RBI Deputy Governor and MPC member Michael Debabrata Patra opined that even when it improves, the expectation is one of slow, hesitant recovery, with the situation likely to worsen before it gets better. The upticks that easing of lockdowns yield are likely to be ephemeral and vulnerable to flattening out due to lack of underlying vigour, he said. A durable revival of the economy depends on sustained policy support to resuscitate activity in various sectors, restore employment, ease financial stresses facing households, businesses and financial intermediaries, instil confidence and anchor financial stability before it slips away, he said. RBI Executive Director Mridul K Saggar said the recovery path is inextricably linked to the course the pandemic might take and complete normalisation will be difficult till it is overcome. External member on the rating setting panel, Ravindra H Dholakia said there are high uncertainties regarding the macroeconomic environment, adding that he was sceptical about the deep stagflationary conditions prevailing in the country. "Although the present circumstances are truly exceptional, the primary mandate given to MPC for inflation targeting at 4 percent with the upper tolerance limit of 6 percent has to be respected," said Dholakia. MPC member Pami Dua was of the view that at this juncture, it is best to adopt a wait and watch strategy and look at incoming data to assess the evolving macroeconomic situation. "I therefore vote to keep the policy rate unchanged and to continue with an accommodative stance as long as necessary to revive growth and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target, going forward," Dua said. External member Chetan Ghate said he has been advocating a more cautious path for policy rate reductions since February 2019. "However, I have been in a minority in the MPC. Inflation has now been above the upper band of 6 per cent for a number of months. Notwithstanding large rate cuts to spur growth over the last year and a half, growth has steadily declined despite 250 bps in cuts since February 2019," Ghate said. Future MPC meetings should not go soft on inflation, he added. The next MPC meeting is scheduled to held during September 29 to October 1, 2020. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rbi-governor-shaktikanta-das-leaves-repo-rate-unchanged-to-check-inflation/articleshow/77387591.cms">‘Watchful’ RBI leaves repo rate unchanged to keep inflation in check</a> <a href="https://www.businessinsider.in/finance/banks/news/one-time-loan-restructuring-dilemma-rbi-wont-commit-and-india-inc-wont-stop-asking-for-it/articleshow/77328145.cms">One-time loan restructuring dilemma - RBI won’t commit, and India Inc won’t stop asking for it</a> <a href="https://www.businessinsider.in/finance/news/rbi-brings-in-kv-kamath-to-set-the-boundaries-for-a-one-time-restructuring-of-these-loans/articleshow/77388568.cms">RBI brings in KV Kamath to set the boundaries for a one-time restructuring of loans</a>

RBI Governor wants keep India's monetary war chest dry for future use

Mumbai, Jun 5 () RBI Governor Shaktikanta Das underlined the need for moving full throttle to ease financing conditions for reviving consumption and revitalizing investment once the coronavirus-induced lockdown is lifted, as per the minutes of the MPC meeting released by the central bank on Friday. The twenty-third meeting of the Monetary Policy Committee (MPC) was originally scheduled from June 3 to 5, 2020, but was advanced to May 20-22 in view of the ongoing COVID-19 pandemic. Following the meeting of the key rate-setting body, the RBI reduced the key policy rate by 40 basis points, bringing it down to a historic low of 4 per cent. All the six members of the MPC, including Das, were of the opinion that the impact of COVID-19 on the economy was more adverse than the initially expected as the lockdown was imposed with an aim to check the spread of the coronavirus pandemic, the minutes showed. Das said the risks to growth have become far more severe than in the assessment at the end of March 2020. It is expected that this diagnosis will be validated by hard data over the next few months, even as the overall outlook continues to be highly uncertain, he said. "The key challenge for monetary policy at this stage is to resuscitate domestic demand to avoid any harmful effect on income and employment in the short run and potential growth over the medium term. For strengthening domestic demand, it is important to revive consumer and business confidence," said Das, as per the minutes. The government has already announced a variety of measures to provide economic support to various sectors of the economy and protect the interests of vulnerable sections of society. The Reserve Bank has also been proactively managing liquidity to ensure that funds flow to all productive sectors of the economy. The RBI has also been easing monetary policy to reduce the cost of funds/capital to revive domestic demand. "While all these measures should help support demand as and when the nation-wide lockdown is lifted, but given the enormity of a collapse in demand, the need is to move ahead full throttle to ease financing conditions further so as to revive consumption and revitalize investment," the Governor stressed. MPC member and RBI Deputy Governor Michael Debabrata Patra said at the current juncture, the all-out effort is to maintain and sustain, with the hope that when life is secure, resources, energy and time can be marshalled to rebuild and revive. "In fact, my view is that the damage is so deep and extensive that India's potential output has been pushed down, and it will take years to repair. "In the deliberations of the MPC, my view is that the threats to growth have to be addressed frontally and aggressively, or risk a more dire outlook," he said. RBI's Executive Director, appointed as MPC member in January, was of the view that the economic activity is expected to contract in 2020-21. While supply lines are likely to be restored as lockdown is relaxed, demand would take far longer to revive to pre-COVID levels. "Even as some support will be provided by government expenditure, overall consumption is likely to slow down due to a slump in private consumption. More than private consumption, however, it is investment demand which is expected to be hit hard in this uncertain environment and may be a huge drag on economic activity in the near future with attendant implications for potential growth," he said. During the MPC deliberations, Ravindra H Dholakia said once the situation returns to normal and the fiscal and monetary boost measures start generating impacts, the recovering economy may require some further boost. It is prudent to preserve some space for the future, he opined. Pami Dua was of the view that in order to revive growth and mitigate the economic impact of COVID-19, it is important to ease financial conditions further. While voting for 40 basis points cut in repo rate, Dua said in the current scenario, with heightened uncertainty and a near-standstill in economic activity, reduction in policy rates may not necessarily lead to an immediate increase in borrowing but should raise consumer confidence and investor sentiment, going forward. Chetan Ghate, the only member who voted for 25 bps cut in the repo, said the strongest argument for a big rate cut would, therefore, be the dire growth outcomes because of COVID. "However, such rate cuts should be saved for when the economy starts reviving, and not when we are in a lock-down. Rate cuts, assuming that there is transmission and banks lend, works most effectively when the economy is on the upside. The MPC should keep some gunpowder dry," he said. The other five members of the MPC had voted for a 40 basis points rate cut. NKD CS MR MR

RBI guv for going full throttle to ease financing conditions for reviving economy: MPC minutes

New Delhi, Dec 19 () Soaring onion prices figured prominently in the deliberations of the high-powered rating setting panel of the Reserve Bank as it voted for status quo in interest rates this month, according to the minutes of the MPC meeting released on Thursday.
 Onion prices are ruling high since September and were in the range of Rs 130-140 a kilogram in Delhi on Friday.
 "Headline inflation rose sharply in September and further in October, driven up by a sudden spike in prices of vegetables as kharif crop was damaged due to unseasonal rains in many parts of the country; increase in prices of onion was particularly sharp," RBI Governor Shaktikanta Das said in the Monetary Policy Committee (MPC) meeting while voting for status quo in the key interest rate.
 The six-member MPC, headed by Das, had kept the repo rate unchanged on December 5 despite moderation in economic growth and easing inflation.
 Along with him, all the other five MPC members -- Chetan Ghate, Pami Dua, Ravindra H Dholakia, Michael Debabrata Patra, and Bibhu Prasad Kanungo -- had voted to retain the repo rate at 5.15 per cent.
 Echoing Das, RBI Deputy Governor Kanungo opined that unseasonal rains in October and early November damaged certain crops and disrupted the mandi arrival patterns.
 "As a result, the temporary demand supply imbalance led to price pressures in several vegetables, especially onion prices," he said, as per the minutes.
 Governor Das further said overall, several uncertainties cloud the growth-inflation outlook.
 "First, the surge in food inflation in last three months, driven up by a spike in onion and other vegetable prices, could be transitory. It is likely to reverse gradually as late kharif output comes to the market," he said.
 In view of this, even as the current food price spike driven by vegetables can be looked through, there is a need for greater clarity as to how the overall food inflation path is going to evolve as there is some uncertainty about the outlook of prices of certain non-vegetable food items such as cereals, pulses, milk and sugar, Das said.
 It is also not clear at this stage as to how the recent increase in telecom charges will play out, even as CPI (retail) inflation excluding food and fuel has moderated, he said.
 Onion prices have risen by 81 per cent in the last one month and are ruling above the Rs 100 per kg mark for the third week in a row in most cities, as government efforts to cool the rates seem to be taking more time than expected.
 Onion prices have shot up as domestic production in kharif and late-kharif seasons (summer-sown) is estimated to have declined by 22 per cent.
 The government has been maintaining that it has taken all possible steps to rein in prices such as allowing imports, imposing a ban on exports and putting restrictions on the quantity of onion which can be stocked by retailers and wholesalers. NKD CS ABM
ABM

High onion prices figured prominently in RBI MPC meeting, minutes show

Monetary Policy Committee (MPC) has been instituted by the Central Government of India under Section 45ZB of the RBI Act that was amended in 1934. MPC had its first meeting for two days on October 3 and October 4, 2016. The MPC is entrusted with the responsibility of deciding the different policy rates including MSF, Repo Rate, Reverse Repo Rate, and Liquidity Adjustment Facility. Monetary Policy Committee (MPC) has six members and the main objective of this body is to maintain the price stability and boosting up the growth rate of the country’s economy. What is <keyword id="679958" type="ORGANIZATION" weightage="20" keywordseo="RBI-monetary-policy">RBI Monetary Policy</keyword> ? The term ‘Monetary Policy’ is the Reserve Bank of India’s policy pertaining to the deployment of monetary resources under its control for the purpose of achieving GDP growth and lowering the inflation rate. The Reserve Bank of India Act 1934 empowers the RBI to make the monetary policy. We can say that the monetary policy stands for the control measures adopted by the Central Bank of a nation. What the Monetary Policy intends to achieve? As per the suggestions made by Chakravarty Committee, aspects such as price stability, economic growth, equity, social justice, and encouraging the growth of new financial enterprises are some crucial roles connected to the monetary policy of India. While the Government of India tries to accelerate the GDP growth rate of India, the RBI keeps trying to bring down the rate of inflation within a sustainable limit. In order to achieve its main objectives, the Monetary Policy Committee determines the ideal policy interest rate that will help achieve the inflation target in front of the country. Monetary Policy Department (MPD) is an important organ of the Reserve Bank of India that assists the Monetary Policy Committee (MPC) in creating the monetary policy. Monetary Policy Committee Structure Monetary Policy Committee has 6 members as follows: <table style="border-width: initial; border-style: none;"> <tbody><tr> <td style="width: 40.25pt; border-width: 1pt; border-style: solid; border-color: windowtext; padding: 0cm 5.4pt;"> SI. No. </td> <td style="width: 94.5pt; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left-width: initial; border-left-style: none; padding: 0cm 5.4pt;"> Designation </td> <td style="width: 175.5pt; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left-width: initial; border-left-style: none; padding: 0cm 5.4pt;"> The office held </td> <td style="width: 157.25pt; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left-width: initial; border-left-style: none; padding: 0cm 5.4pt;"> Who holds the office as on October 2019 </td> </tr> <tr> <td style="width: 40.25pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> </td> <td style="width: 94.5pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> Chair Person </td> <td style="width: 175.5pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> Governor of the Reserve Bank of India </td> <td style="width: 157.25pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> Shri Shaktikanta Das </td> </tr> <tr> <td style="width: 40.25pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> </td> <td style="width: 94.5pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> Member, ex officio </td> <td style="width: 175.5pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> Deputy Governor of the Reserve Bank of India, in charge of Monetary Policy </td> <td style="width: 157.25pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> BP Kanungo </td> </tr> <tr> <td style="width: 40.25pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> </td> <td style="width: 94.5pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> Member, ex officio </td> <td style="width: 175.5pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> An officer of the Reserve Bank of India nominated by the Central Board </td> <td style="width: 157.25pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> Dr. Michael Debabrata Patra </td> </tr> <tr> <td style="width: 40.25pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> </td> <td style="width: 94.5pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> Member </td> <td style="width: 175.5pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> Professor, Indian Institute of Management, Ahmedabad </td> <td style="width: 157.25pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> Dr. Ravindra H. Dholakia </td> </tr> <tr> <td style="width: 40.25pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> </td> <td style="width: 94.5pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> Member </td> <td style="width: 175.5pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> Director, Delhi School of Economics </td> <td style="width: 157.25pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> Professor Pami Dua </td> </tr> <tr> <td style="width: 40.25pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> </td> <td style="width: 94.5pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> Member </td> <td style="width: 175.5pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> Professor, Indian Statistical Institute (ISI) </td> <td style="width: 157.25pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> Shri Chetan Ghate </td> </tr> </tbody></table> The ex- Officio members of the committee hold the office for a term of four years or until the next order, whichever happens earlier. Monetary Policy Instruments and how they are managed Monetary policy instruments are of two types namely qualitative instruments and quantitative instruments. The list of quantitative instruments include Open Market Operations, Bank Rate, Repo Rate, Reverse Repo Rate, Cash Reserve Ratio, Statutory Liquidity Ratio, Marginal standing facility and Liquidity Adjustment Facility (LAF). Qualitative Instruments refer to direct action, change in the margin money and moral suasion. The instruments listed above are managed and regulated as per the needs of the country’s economy. These instruments are effectively used in order to ensure the money supply in the economy so that the inflation rate is stabilized to realize economic growth.

You Searched For "Pami Dua" and got 9 results

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