Reconstitution of the Technical Advisory Committee on Monetary Policy

Press Release : 2011-2012/187

With a view to strengthening the consultative process in monetary policy, the Reserve Bank of India had constituted a Technical Advisory Committee on Monetary Policy in June, 2009.  The tenure of the Committee was up to June 30, 2011. However, it was decided to continue with the Committee up to the First Quarter Review of July 2011.

It has now been decided to reconstitute the Technical Advisory Committee on Monetary Policy with a view to obtaining continued benefit of expert opinion from external experts in the areas of monetary economics, central banking, financial markets and public finance.

The composition of the reconstituted Committee will be as under:

Chairman Dr. D. Subbarao
Governor, Reserve Bank of India
Vice-Chairman Dr Subir Gokarn
Deputy Governor-in-Charge
Monetary Policy Department
Members Deputy Governors
Dr. K.C. Chakrabarty
Shri Anand Sinha
Shri H.R. Khan
Two Members of the Committee of the Central Board (CCB)
Shri Y.H. Malegam
Shri Sanjay Labroo
External Members
Dr. Shankar Acharya
Hon. Professor
Indian Council for Research on
International Economic Relations
New Delhi
Dr. Rakesh Mohan
Practice of International Economics of Finance,
School of Management, and
Senior Fellow,
Jackson Institute of Global Affairs
Yale University
New Haven, Connecticut
Prof. Sudipto Mundle
Emeritus Professor
National Institute of Public Finance
and Policy
New Delhi
Prof. Errol D™Souza
Indian Institute of Management
Prof. Ashima Goyal
Indira Gandhi Institute of
Development Research
In Attendance: Shri Deepak Mohanty
Executive Director
Adviser-in-Charge, Monetary Policy
Department, Reserve Bank of India
Advisers, Monetary Policy Department,
Reserve Bank of India
O-in-C, Department of Economic and Policy
Research, Reserve Bank of India

Monetary Policy Department would be the secretariat to the Committee.

The objective of the TAC on Monetary Policy is to periodically advise the Reserve Bank on the stance of monetary policy in the light of macroeconomic and monetary developments. The TAC is an outcome of the Reserve Bank™s growing emphasis on strengthening the process of monetary policy formulation.

The terms of reference of the Committee are:

  1. To review macroeconomic and monetary developments, and
  2. To advise on the stance of monetary policy.

The Committee meets at least once in a quarter.

The tenure of the Committee would be up to June 30, 2013.

Ajit Prasad
Assistant General Manager

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