The central board of the Reserve Bank of India (RBI) approved the appointment of executive director Rajiv Ranjan as an ex-officio member of the Monetary Policy Committee (MPC).
Ranjan will be succeeding Mridul Saggar, who reportedly retired in April.
The meeting of the board was held on Monday under the Chairmanship of Shaktikanta Das, Governor, through video conferencing.
The RBI said, “The Board approved the nomination of Dr. Rajiv Ranjan, Executive Director as an ex-officio member of the Monetary Policy Committee.”
Deputy Governors M.K. Jain, Michael Patra, M. Rajeshwar Rao, and other directors of the Central Board, Satish Marathe, S. Gurumurthy, Revathy Iyer, and Sachin Chaturvedi attended the meeting. Ajay Seth, Secretary, Department of Economic Affairs also attended the meeting.
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Ranjan has been with the central bank for over 33 years. He was an advisor in-charge in the monetary policy department, before he was promoted as an executive director.
