RBI MPC Set For Key Change With Rajiv Ranjan Retiring Before October Meet - Who Will Replace Him?

India apex bank Reserve Bank of India (RBI) is set for internal change in its Monetary Policy Committee (MPC) before its next policy meet in October with Executive Director (ED) Rajiv Ranjan set for retirement ahead of this upcoming rate-deciding review, as per media reports. 

Earlier, Ranjan held the designation of ED of the Monetary Policy Department before being shifted to the Department of Economic and Policy Research (DEPR). Ranjan's retirement will make three seats available on the isx member rate review committee.

In this week, RBI's ED Indranil Bhattacharyya was assigned as in-charge of the Monetary Policy Department, and is also expected to take Ranjan's place in RBI's MPC, as per media reports.

On March 19, 2025, Bhattacharyya was moved upto the position of ED after having worked as an Adviser in RBI's Monetary Policy Department.

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Bhattacharyya was elevated to the post of ED on March 19, 2025, after serving as Adviser in the central bank’s Monetary Policy.

During his promotion period, he oversaw the Department of Economic and Policy Research (DEPR), but given Ranjan's  retirement update he was reassigned to lead the Monetary Policy Department, usually linked to an internal MPC membership.

The RBI’s Central Board is reportedly expected to move ahead with approving Bhattacharyya’s nomination in the next meet.

Once approved by the board, he will join the MPC’s other two internal members - Governor Sanjay Malhotra and Deputy Governor Poonam Gupta- along with the three external members appointed by the central government.

As per the RBI Act, 1934, the MPC is responsible for setting India’s benchmark policy interest rates with the objective of maintaining inflation within the target band while supporting economic growth.