The market is eagerly waiting for Reserve Bank of India"s (RBI) announcement on the interest rate changes in its second bi-monthly monetary policy meeting review on Wednesday.
The Monetary Policy Committee (MPC), which takes the decisions on the same, was put to effect by the RBI Act, 1934 and is comprised of six members, three of which are members of the RBI, while the rest are appointed by the Government of India.
Here are the whos who of the MPC:
Urjit R. Patel, Governor, Reserve Bank of India:
The Governor of RBI, since 2016, is the head of the committee responsible to formulate, implement and monitor the monetary policies, based on the current trends in economy in India and around the world.
A Ph.D holder from the Yale University, Patel is the 24th RBI Governor and has the veto power in case of a tie, while deciding the rates.
Previous to his appointment as the governor, Patel served as the deputy-governor of the central bank for six years and has worked with the International Monetary Fund (IMF).
Viral V. Acharya, Deputy Governor, in-charge of Monetary Policy:
The youngest deputy governor, Viral Acharya, took the post in 2016 and has been a part of the committee since.
He has also served on the international advisory board of the Securities and Exchange Board of India (Sebi).
In the first bi-monthly policy meeting of RBI in April, Acharya said he would vote for either a neutral to withdrawal of accommodation in the upcoming meeting, citing an upside risk to inflation.
Michael Debabrata Patra, Executive Director:
Michael Patra is one of the three member of RBI and serves as the executive director of the MPC since 2014. Patra was nominated by the central board under Section 45ZB(2)(c) of the Reserve Bank of India Act, 1934
The director of Export-Import Bank, Patra in one of his speech said, “Monetary policy decision making is always complex and severely testing. It is typically undertaken in an explosion of diverse views, each differing from the other in expressing intensity and fervour.”
Ravindra H. Dholakia, Professor, IIM Ahmedabad:
A member of the development and evaluation committee at Ahmedabad"s Indian Institute of Management (IIM), Ravindra Dholakia has been the on the MPC since September 2016 onwards, appointed by the government under the Act of Parliament
Pami Dua, Director, Delhi School of Economics:
A known name in the academic circle in Delhi, Pami Dua, Director, Delhi School of Economics, has served on RBI advisory groups and was a member of the committee on data and information management constituted by the central bank in 2014.
Duas colleagues at the university say, she is an ideal choice to join the panel that will steer Indias monetary policy for the next four years.
Chetan Ghate, Professor, Indian Statistical Institute:
Chetan Ghate, a professor at the Indian Statistical Institute (ISI), Delhi centre, has worked extensively on economic growth, fluctuations, economic development, and monetary and fiscal policy in developing and emerging market economies.He was one of the five members of the expert committee of RBI to revise and strengthen the monetary policy framework.