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RBI's Monetary Policy Committee Reconstituted and Aviral Jain Appointed as Executive Director.

Appointment | Dated: 07 Oct 2024

The Reserve Bank of India (RBI) has reconstituted its Monetary Policy Committee (MPC) to enhance its decision-making capabilities. Aviral Jain has been appointed as the new Executive Director, taking on responsibilities crucial for shaping India's monetary policy and economic stability.

🎯 Key Highlights:

  • - The appointments have been made ahead of the upcoming bi-monthly meeting of the Monetary Policy Committee (MPC), scheduled to be held on October 7-9, 2024. The other three members of the MPC include Shaktikanta Das (Governor of the RBI), Michael Debabrata Patra (Deputy Governor of the RBI) and Rajeev Ranjan (Executive Director of the Monetary Policy Department of the RBI).
  • - Prior to being promoted as the Executive Director, Jain was serving as Regional Director for Maharashtra.

💡 Other Important Facts:

  • (i) Executive Director, Shri Jain will look after 1. Legal Department, 2. Premises Department and 3. Right to Information Act (First Appellate Authority). Shri Jain is a post-graduate in economics.
  • (ii) The MPC raised the benchmark interest rate by 250 basis points between May 2022 and February 2023 and has since maintained a pause to keep inflation under control.

📚 Test Your Knowledge:

Who has been appointed as the Executive Director of the Reserve Bank of India (RBI)?

Correct Answer: Aviral Jain

🚀 Quick Recap:

About RBI,

  • CEO : Shaktikanta Das
  • Headquarter : Mumbai