Outlook Business Desk
The Reserve Bank of India (RBI) monetary policy committee is set for a change, as internal member Rajiv Ranjan is retiring before the upcoming October 2025 meeting and will be replaced by a new member.
Indranil Bhattacharyya is likely to become the new executive director (ED) in charge of the monetary policy department. His nomination by the central board is required before he officially joins the Monetary Policy Committee (MPC), replacing Rajiv Ranjan in the rate setting committee.
Bhattacharyya was appointed executive director for the Department of Economic and Policy Research (DEPR) on March 20, 2025. Earlier, he served as an adviser in the RBI’s Monetary Policy Department, gaining experience crucial for his new role in MPC.
Bhattacharyya has over 28 years of experience in central banking, with the majority of his career focused on monetary policy, according to Business Standard. Between 2009 and 2014, he also served as an economic expert at Qatar Central Bank in Doha.
Bhattacharyya earned a postgraduate degree in economics from Jawaharlal Nehru University, New Delhi. His work centres on monetary economics, policy evaluation and financial markets, and he has also published numerous papers in both national and international journals.
Ranjan, who has served as the RBI representative on the Monetary Policy Committee since May 2022, will now lead the Department of Economic and Policy Research. The six-member committee comprises three RBI officials and three government-appointed external members.
The other two RBI members are Governor Sanjay Malhotra and Deputy Governor Poonam Gupta. The government-appointed members are Saugata Bhattacharya, economist; Ram Singh, director at Delhi School of Economics; and Nagesh Kumar, director and CEO of the Institute for Studies in Industrial Development.
The next MPC meeting is scheduled between September 29 and October 1, 2025. Bhattacharyya’s appointment will influence upcoming policy discussions and decisions, especially as the committee navigates key economic and monetary challenges.