Urjit Patel, who in his recent book Overdraft, attributed his rift with the Modi government and resignation as RBI governor before the end of the term to the latter’s soft pedaling on the insolvency code, has been co-opted as a member of the search-cum-selection committee to name the new three government nominees on the all-important Monetary Policy Committee (MPC).
The panel, headed by Cabinet Secretary Rajiv Gauba, also includes RBI Governor Shaktikanta Das or a deputy governor representing him, Niti Aayog vice-chairman Rajiv Kumar and Economic Affairs Secretary Tarun Bajaj.
On September 22, 2016, the Centre had appointed the Indian Statistical Institute professor Chetan Ghate, Delhi School of Economics director Pami Dua and IIM-Ahmedabad professor Ravindra H Dholakia as external members of the MPC, heralding a historical change in monetary policy-making in India. These three will complete their terms in September.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines