Who are the 6 Members of the Monetary Policy?

By BYJU'S Exam Prep

Updated on: November 9th, 2023

The six members of the Monetary Policy Committee are Shaktikanta Das, the governor of the Reserve Bank of India, Dr. Michael Debabrata Patra, the deputy governor, Dr. Mridul K. Saggar, Prof. Jayanth R. Varma, Dr. Ashima Goyal, and Dr. Shashanka Bhide. The benchmark interest rate in India is set by the Monetary Policy Committee. The Monetary Policy Committee meets at least four times a year, and after each meeting, it issues its decisions.

Six Members of Monetary Policy

Six people make up the Monetary Policy Committee: three employees of the Reserve Bank of India and three outsiders selected by the Government of India. For “extreme confidentiality”, they must observe a “quiet period” for seven days before and after rate setting.

  • The Finance Act (India), 2016 amended the Reserve Bank of India Act, 1934 to create a Monetary Policy Committee (MPC), which would enhance accountability and transparency in the formulation of India’s monetary policy.
  • After each meeting, the monetary policy is published with the comments of each member.
  • If inflation exceeds the target limit for three consecutive quarters, the committee will have to answer to the Government of India.
  • Six people make up the monetary policy committee.
  • Three officers belong to the RBI, and the central government has nominated three external members.
  • The Governor of RBI acts as the chairman of this committee. Dr. Shaktikanta Das is presently the Chairman.

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