Current Context: The Reserve Bank of India has approved the appointment of
Shri Rajiv Ranjan as an ex-officio member of the Monetary policy committee.
- The Executive Director of RBI has been cleared for being appointed as a member (ex officio) of the monetary policy committee, by the Central board of directors.
- The 6-member MPC is a key committee of RBI that decides the policy rates viz Repo, Bank rate, SLR, CRR, etc. The MPC came into existence in 2016 on the recommendation of the Urjit Patel committee.
