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 Professor |
|
| Practice of International Economics of Finance, School of Management, and Senior Fellow, Jackson Institute of Global Affairs Yale University New Haven, Connecticut US |
|
| Prof. Sudipto Mundle Emeritus Professor National Institute of Public Finance and Policy New Delhi |
|
| Prof. Errol D™Souza Professor Indian Institute of Management Ahmedabad |
|
| Prof. Ashima Goyal Professor Indira Gandhi Institute of Development Research Mumbai |
|
| 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:
- To review macroeconomic and monetary developments, and
- 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
