RBI MPC new member 2025: Indranil Bhattacharyya has been appointed as the new ex-officio member of RBI’s Monetary Policy Committee, replacing Rajiv Ranjan ahead of the September 29–October 1 policy meet.
RBI Appoints Indranil Bhattacharyya as New MPC Member
Introduction: A Strategic Appointment to the Monetary Policy Committee
On August 22, 2025, the Reserve Bank of India (RBI)’s Central Board approved the nomination of Executive Director Indranil Bhattacharyya as an ex-officio member of the Monetary Policy Committee (MPC) This move comes ahead of the upcoming MPC meeting scheduled from September 29 to October 1, 2025
Scope of Responsibilities: Bhattacharyya’s New Role
In his new capacity, Bhattacharyya replaces Rajiv Ranjan, who is due to retire before the October 2025 policy meet As an internal RBI official with deep experience in monetary policy formulation, Bhattacharyya will participate in critical deliberations on interest rate decisions and broader monetary strategy.
The Context of the Decision: Board Review Amid Economic Uncertainty
The appointment was finalized during RBI’s 618th Central Board meeting, held in Lucknow, chaired by Governor Sanjay Malhotra. The Board also reviewed the evolving global and domestic economic outlook, touching upon geopolitical risks and financial market volatility
Professional Credentials: Who Is Indranil Bhattacharyya?
With nearly 28–30 years of experience in central banking and monetary analysis, Bhattacharyya brings a wealth of expertise. He assumed the role of Executive Director of the Monetary Policy Department in March 2025 He has worked extensively in monetary economics, financial markets, and market microstructure. He also served as an economic expert at the Qatar Central Bank from 2009 to 2014, and holds a Master’s in Economics from Jawaharlal Nehru University (JNU), along with a specialized certificate in Central Banking and DSGE Modelling from Northwestern University’s Kellogg School of Management
What This Means for India’s Monetary Policy
This shift underscores the RBI’s continuity in monetary policy expertise and stability in its internal leadership. As India continues to navigate inflation pressures, growth concerns, and the inflation-targeting framework, Bhattacharyya’s inclusion ensures institutional memory and continuity are preserved within the MPC
Why This News Is Important
Ensures Continuity in Monetary Decision-Making
Bhattacharyya’s appointment ahead of the October MPC meeting helps maintain a seamless transition within India’s monetary policymaking body. His institutional knowledge supports consistent policy formulation during a critical period
Strong Expertise Bolsters Policy Analysis
With nearly three decades in central banking and monetary economics, Bhattacharyya brings deep analytical skills and informed perspectives—vital for nuanced decisions on inflation and interest rates
Signals RBI’s Stability Amid Global Volatility
During a time of geopolitical and market uncertainties, the MPC benefits from experienced members. This appointment signals RBI’s commitment to stability and competent management of macroeconomic challenges
Historical Context
Evolution of the Monetary Policy Committee Framework
The Monetary Policy Committee (MPC) was established under the RBI Act (1934) as amended by the Finance Act, 2016, to bring transparency and accountability in interest rate decisions Until then, the RBI Governor alone made such policy calls, often leading to concerns over centralized discretion.
Structure and Decision-Making Mechanism
The MPC comprises six members—three internal (RBI officials) and three external members nominated by the government. The RBI Governor chairs the committee and has a casting vote in case of a tie. The committee operates under a flexible inflation targeting framework, aiming for 4% inflation with a tolerance band of 2–6%
Bhattacharyya’s Predecessor and Appointment Process
Rajiv Ranjan, the previous Executive Director overseeing monetary policy, is now being succeeded by Bhattacharyya—who joined the role earlier in 2025. His nomination was ratified in RBI’s 618th Board meeting, aligning with the legal and institutional protocols governing MPC membership
Key Takeaways from “RBI Appoints Indranil Bhattacharyya as New MPC Member”
| S. No. | Key Takeaway |
|---|---|
| 1 | Indranil Bhattacharyya appointed as ex-officio member of the RBI’s MPC on August 22, 2025. |
| 2 | He replaces Rajiv Ranjan, joining ahead of the MPC meeting scheduled for September 29 – October 1, 2025. |
| 3 | The appointment was finalized during the 618th RBI Central Board meeting held in Lucknow, chaired by Governor Sanjay Malhotra. |
| 4 | Bhattacharyya brings around three decades of experience in central banking, monetary policy, and previously served at the Qatar Central Bank. |
| 5 | His joining ensures continuity in policy decision-making amid global economic uncertainties and inflation-targeting transitions. |
Frequently Asked Questions (FAQs)
1. Who has been appointed as the new ex-officio member of the RBI’s Monetary Policy Committee in August 2025?
Answer: Indranil Bhattacharyya, Executive Director of RBI.
2. Whom did Indranil Bhattacharyya replace in the MPC?
Answer: He replaced Rajiv Ranjan, who retired before the October 2025 policy meet.
3. When is the next Monetary Policy Committee meeting scheduled after this appointment?
Answer: The meeting is scheduled from September 29 to October 1, 2025.
4. What is the primary function of the Monetary Policy Committee (MPC)?
Answer: The MPC decides India’s benchmark interest rates and formulates monetary policy to achieve inflation and growth objectives.
5. How many members does the RBI Monetary Policy Committee have?
Answer: The MPC consists of six members – three from RBI and three external experts nominated by the Government of India.
6. Where was the RBI’s 618th Central Board meeting, which approved the nomination, held?
Answer: In Lucknow, Uttar Pradesh.
7. What educational background does Indranil Bhattacharyya have?
Answer: He holds a Master’s in Economics from JNU and has training in Central Banking and DSGE Modelling from Northwestern University.
8. What was Bhattacharyya’s international experience before becoming Executive Director of RBI?
Answer: He worked as an economic expert at Qatar Central Bank from 2009 to 2014.
9. What is India’s inflation target under the MPC framework?
Answer: The target is 4% inflation with a tolerance band of 2–6%.
10. Who chairs the Monetary Policy Committee?
Answer: The RBI Governor serves as the chairperson of the MPC.
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