Focus Merit

RBI appoints Janak Raj as member of Monetary Policy Committee

Janak Raj, Executive Director of Reserve Bank of India, has been appointed as member of the Monetary Policy Committee (MPC), replacing 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 on Wednesday. It is the highest interest rate setting body, which takes decisions based on majority vote. Each member has one vote but the RBI Governor get a casting vote in case of a tie.