Economy

Reconstituted Monetary Policy Committee to begin three-day meeting from Wednesday

Our Bureau New Delhi | Updated on October 06, 2020 Published on October 06, 2020

Government nominates Ashima Goyal, Jayanth Verma, Shashank Bhide as new members of MPC

The next meeting of the Monetary Policy Committee is to take place from October 7 to October 9, the Reserve Bank of India announced on Tuesday. The announcement came within hours of the Government's nomination of three new members – Ashima Goyal, Jayanth R Verma and Shashank Bhide.

In a late development on Monday, the Government notified the names of the three new members. The MPC, set up in 2016, has six members, with the RBI Governor as the Chairman. A Deputy Governor of the RBI and one officer of the central bank are the other two members.

The Committee reviews the policy interest rate, better known as the Repo Rate (the rate at which banks borrow for a short period from the RBI). It had to postpone its meeting scheduled from September 30-October 2 as the terms of the previous set of nominated members came to end and new members were not nominated.

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The new members “shall hold office for a period of four years or until further order, whichever is earlier,” the notification said.

New Members

Ashima Goyal is Professor at the Indira Gandhi Institute of Development Research. She is a Member of the Prime Minister's Economic Advisory Council, an independent director at Edelweiss Financial Services, IDBI Bank and SBI General Insurance. She was a visiting fellow at the Economic Growth Centre, Yale University, USA, and a Fulbright Senior Research Fellow at Claremont Graduate University, USA.

Her area of research and interest include open economy macroeconomics, international finance, financial markets and regulation, institutions and development. General research agenda: Analysis of emerging markets in an institutional context.  Currently she is engaged in research work on topics such as fiscal and monetary policies, emerging market DSGEs, flexible inflation targeting, trend cycle decomposition, growth volatility and sustainability, cross border flows, exchange rate regimes, global governance, institutions and incentives

Jayanth Verma is Professor at the Indian Institute of Management, Ahmedabad and teaches courses in capital markets, fixed income, alternative investments, risk management and corporate finance. He was a full-time member of the Securities and Exchange Board of India (SEBI) for a year. Before that, he was a part-time member of SEBI for three years. He has been the Chairman of the Secondary Markets Advisory Committee and several other committees of SEBI. He has also been Chairman of several committees set up by the Forward Markets Commission and the Ministry of Finance and Company Affairs. He was a member of the Raghuram Rajan Committee on Financial Sector Reforms and of the Financial Sector Legislative Reforms Commission.

Shahshank Bhide is currently Senior Advisor at the National Council for Applied Economic Research He also serves as a member of the Board of Governors of the Institute for Social and Economic Change in Bangalore. His research has covered a number of areas in agriculture, macroeconomic modeling, infrastructure and poverty analysis. He has published numerous articles and Books, and Book Chapters in national and international publications on macroeconomic issues, agriculture and socio-economic issues.

 

 

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Published on October 06, 2020
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