Monetary Policy Committee: six members under section 45ZB of the Reserve Bank of India Act

Background

As per the provisions of the RBI Act, the Monetary Policy Committee (MPC) consists of six members: three Members from RBI and three are appointed by the Central Government.
The Central Government constitutes the Committee in exercise of the powers conferred by section 45ZB of the Reserve Bank of India Act, 1934.
The Governor of the Reserve Bank of India is Chairperson, ex officio.
The Deputy Governor of the Reserve Bank of India in charge of Monetary Policy is a Member, ex officio.
One officer of the Reserve Bank of India, to be nominated by the Central Board, is a Member, ex officio.
The Members appointed by the Central Government hold office for a period of four years, or until further orders, whichever is earlier.
In the reconstitution notified by the Government, the three appointed Members were Prof. Ram Singh of the Delhi School of Economics, Shri Saugata Bhattacharya, Economist, and Dr. Nagesh Kumar of the Institute for Studies in Industrial Development, New Delhi.