India assigns Monetary Policy Committee members

India assigns Monetary Policy Committee membersThe Indian government has appointed three academics as members of a new Monetary Policy Committee (MPC) that will set interest rates, a spokesman at the finance ministry said on Thursday.

The members appointed by the government are Chetan Ghate, Pami Dua, and Ravindra Dholakia, all academicians in India.

The other three members will come from the Reserve Bank of India (RBI) and will include Governor Urjit Patel, who will also act as the tie-breaker.

The members will have a term of four years, the official order said.

The next monetary policy review is set on October 4 and is likely to be decided by the MPC. The RBI governor will only have a casting vote in case of a tie in the six-member committee.

The idea of a Monetary Policy Committee was proposed by an RBI-appointed committee led by Patel, then a deputy governor of RBI, in February 2014. That panel had recommended a five-member committee on which three members would be from the RBI and two external members would be appointed by the RBI governor and the deputy governor.

Last year, the government and the RBI agreed to formalize the inflation-targeting framework and set in motion the constitution of the six-member committee.
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