Indranil Bhattacharyya is poised to become the newest member of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC), succeeding Rajiv Ranjan. This change comes as Rajiv Ranjan is set to take on the role of leading the Department of Economic & Policy Research.

Indranil Bhattacharyya's appointment as Executive Director of RBI's Monetary Policy Department on March 19, 2025, signals his readiness for this crucial role within the MPC. The central bank's board is expected to formally approve Bhattacharyya's nomination during its upcoming meeting.

Rajiv Ranjan, who has been a key member of the MPC since May 2022, will be transitioning to lead the Department of Economic and Policy Research. The MPC is a six-member body responsible for setting India's monetary policy, including key interest rates. Currently, the MPC consists of RBI Governor Sanjay Malhotra, Deputy Governor Poonam Gupta, and four external members: Nagesh Kumar, Ram Singh, and Saugata Bhattacharya, in addition to Rajiv Ranjan.

Bhattacharyya's extensive background in central banking, with over 28 years of experience, positions him well for this role. A significant portion of his career has been dedicated to monetary policy, providing him with valuable insights into the complexities of managing inflation and promoting economic growth. He previously served as an advisor in the RBI's Monetary Policy Department, gaining experience crucial for his new role in MPC. His experience also includes a five-year stint as an economic expert at Qatar Central Bank in Doha between 2009 and 2014.

Bhattacharyya holds a postgraduate degree in economics from Jawaharlal Nehru University, New Delhi. His academic work is centered around monetary economics, policy evaluation, and financial markets. He has also contributed to the field through numerous publications in national and international journals.

The MPC's recent decisions include holding the key interest rate steady, as the effects of previous rate cuts continue to permeate the economy. The committee has also maintained its growth forecast for the year, while remaining vigilant about global tariff developments. The six-member panel voted unanimously to keep the repo rate at 5.5 per cent, adhering to its neutral policy stance. The committee has revised its FY26 consumer price inflation projection lower to 3.1 per cent.

The Reserve Bank of India has allocated the Monetary Policy Department to Executive Director Indranil Bhattacharyya, suggesting the Monetary Policy Committee could see a new member at the October meeting.