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Our Works • Monetary Policy Evolution

Evolution of India's
Monetary Policy Framework

The journey towards the Monetary Policy Committee (MPC) — from an exchange-rate anchor in the 1930s to a statutory, committee-based inflation targeting framework today.

The journey towards the MPC

Current composition of the MPC

The MPC comprises six members.

Three internal members
  • The Governor of the Reserve Bank of India (RBI) — Chairperson, ex officio
  • The Deputy Governor in charge of monetary policy — Member, ex officio
  • One officer of the RBI, nominated by the Central Board — Member, ex officio
Three external members
  • Experts appointed by the Central Government

Members and their tenure

Members of the Monetary Policy Committee, in order of appointment.