RBI Board Approves MPC Nomination, Reviews Governance and Consumer Redress Mechanisms
SDG 16: Peace, Justice, and Strong Institutions
Institutions: Reserve Bank of India
The 618th meeting of the Central Board of the Reserve Bank of India, chaired by Governor Sanjay Malhotra in Lucknow, centered on key institutional decisions. The Board approved the nomination of Shri Indranil Bhattacharyya, Executive Director, as an ex-officio member of the Monetary Policy Committee (MPC), strengthening the framework for monetary decision-making through continuity and domain expertise.
Alongside this, the Board reviewed the functioning of select Central Office Departments, performance of the Committees of the Central Board, and the Ombudsman Scheme. These reviews highlight the RBIβs continuing focus on governance, accountability, and strengthening consumer grievance redressal systems.
By addressing institutional performance and reinforcing the MPCβs composition, the meeting reflected the RBIβs emphasis on maintaining credibility, policy stability, and responsiveness in a challenging global and domestic economic environment.
Relevant question for policy stakeholders: How does strengthening institutional governance and MPC composition enhance the RBIβs ability to ensure monetary stability?
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https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR958C6A3A5E2C26444B78697E906A60AFAA1.PDF