New member in RBI policy body
Indranil Bhattacharyya joins RBI Monetary Policy Committee: The Reserve Bank of India (RBI) has inducted Indranil Bhattacharyya, Executive Director of the Monetary Policy Department, as an ex officio member of the Monetary Policy Committee (MPC). He takes over the position from Rajiv Ranjan, who is retiring ahead of the central bank’s crucial policy meeting scheduled for September 29 to October 1, 2025.
This decision ensures that the transition within RBI’s key decision-making panel remains smooth before the committee deliberates on upcoming monetary measures.
Career and expertise
Bhattacharyya has built a career spanning more than 28 years in central banking, with a majority of his service devoted to monetary policy formulation.
He most recently served as Executive Director in the Department of Economic and Policy Research (DEPR) from March 2025. Earlier, between 2009 and 2014, he worked as an economic specialist with the Qatar Central Bank, adding valuable international exposure to his profile.
Static GK fact: The Qatar Central Bank issues the Qatari riyal, which replaced the Indian rupee as Qatar’s currency in 1966.
Academic foundation and publications
A postgraduate in economics from Jawaharlal Nehru University (JNU), New Delhi, Bhattacharyya has combined academic excellence with policymaking responsibilities.
He has authored and co-authored numerous research papers on monetary economics, financial markets, and market functioning, many of which have been published in respected national and international journals.
Static GK tip: JNU was among the first Indian universities to establish a dedicated School of International Studies.
Significance of the MPC
The Monetary Policy Committee plays a central role in framing India’s interest rate policy and ensuring that inflation remains under control while fostering growth.
Established in 2016, the MPC was created under an amendment to the RBI Act, 1934 to bring more transparency and accountability to monetary policy decisions.
Static GK fact: The MPC consists of six members, three nominated by the government and three from the RBI, including the Governor as Chairperson.
Objectives of monetary policy decisions
The committee is responsible for setting the repo rate, the rate at which the RBI lends to commercial banks. Changes in this rate directly influence borrowing costs, investment, and overall economic activity.
Its mandate is to keep inflation at 4% with a tolerance band of ±2%, support economic stability, and ensure that growth momentum is not derailed.
Static GK tip: The current inflation target framework of 4% ±2% is valid until March 2026.
Way forward
Bhattacharyya’s entry into the MPC brings both experience and academic insight at a time when the Indian economy faces the twin challenges of inflationary pressures and the need to sustain growth momentum. His contribution is expected to strengthen policy deliberations in the months ahead.
Static Usthadian Current Affairs Table
Indranil Bhattacharyya joins RBI Monetary Policy Committee:
| Topic | Detail |
| Appointment | Indranil Bhattacharyya appointed as ex officio MPC member |
| Replaced | Rajiv Ranjan |
| Upcoming meeting | September 29 – October 1, 2025 |
| Experience | Over 28 years in central banking |
| Previous roles | Executive Director of DEPR, economic expert at Qatar Central Bank |
| Education | Postgraduate degree in Economics from JNU |
| MPC formation | Constituted in 2016 under RBI Act amendment |
| MPC mandate | Maintain inflation at 4% ±2%, ensure stability and growth |
| Inflation target validity | 2021–2026 |
| Repo rate role | Benchmark interest rate set by MPC |
