The Reserve Bank of India (RBI) yesterday appointed its Executive Director Janak Raj as member of the Monetary Policy Committee (MPC), the highest interest rate setting body.
The Monetary Policy Committee takes decisions based on majority vote. Each member has one vote but the RBI Governor get a casting vote in case of a tie.
Raj replaces M D Patra, who was recently elevated as Deputy Governor of the RBI.
The decision to appoint Janak Raj was taken at the 581st meeting of the central board held in Mumbai today. The MPC is headed by the RBI Governor.