The central government appointed Ram Singh, Saugata Bhattacharya and Nagesh Kumar as the new external members to the Reserve Bank of India’s (RBI) monetary policy committee. They will replace Mumbai professor Ashima Goyal, IIM-Ahmedabad professor Jayanth Varma and New Delhi senior adviser Shashanka Bhide, whose 4-year contracts expire on October 4. This comes just days before RBI MPC which is set to meet for its rate decision on October 9.

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Who are the three new external members of RBI MPC?

Ram Singh is Director of Delhi School of Economics while Dr. Nagesh Kumar is the Director and Chief Executive of Institute for Studies in Industrial Development. Saugata Bhattacharya is an economist. All three will hold office for a period of four years, effective immediately.

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How are RBI MPC members selected?

The MPC is chaired by RBI governor and has six members. The RBI has three representatives and three external members. A selection panel — led by RBI Governor Shaktikanta Das, Cabinet Secretary T.V. Somanathan and Economic Affairs Secretary Ajay Seth — chooses the external MPC members. Prime Minister Narendra Modi’s signs off on the decision. 

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