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Date : Jun 23, 2009
RBI’s Technical Advisory Committee on Monetary Policy

The Reserve Bank of India has now reconstituted the Technical Advisory Committee (TAC) on Monetary Policy with effect from July 1, 2009. The tenure of the Committee will be for two years i.e., up to June 30, 2011. The tenure of the Committee constituted on April 2, 2007 is up to June 30, 2009.

The composition of the reconstituted Committee is as under:

Chairman : Dr. D. Subbarao, Governor, Reserve Bank of India

Vice-Chairman : Deputy Governor-in-Charge, Monetary Policy Department

Members : Deputy Governors : Smt. S. Gopinath, Smt. U. Thorat, Dr. K.C. Chakrabarty

Two Members of the Committee of the Central Board (CCB) : Dr. A.S. Ganguly, Shri Y.H.  Malegam

External Members : Prof. D.M. Nachane, Director, Indira Gandhi Institute for Development Research (IGIDR), Mumbai, Dr. Shankar Acharya, Hon. Professor, Indian Council for Research on International Economic Relations (ICRIER), New Delhi, Prof. Samir Kumar Barua, Director, Indian Institute of Management, Ahmedabad, Dr. P.J. Nayak, Former Chairman & Managing Director, Axis Bank, Dr. A. Vasudevan, Former Executive Director, Reserve Bank of India

In Attendance : Executive Director, Monetary Policy Department (MPD), Reserve Bank of India, Adviser-in-Charge and other Advisers of MPD, Reserve Bank of India, Adviser, Department of Economic Analysis and Policy (DEAP), Reserve Bank of India

Monetary Policy Department will be the secretariat to the Committee.

The objective of the TAC on Monetary Policy is to periodically advise the Reserve Bank on the stance of monetary policy in the light of macroeconomic and monetary developments. The TAC is an outcome of the Reserve Bank’s growing emphasis on strengthening the process of monetary policy formulation.

The terms of reference of the Committee are:

(i) to review macroeconomic and monetary developments, and
(ii) to advise on the stance of monetary policy.

The Committee would meet at least once in a quarter.

G. Raghuraj
Deputy General Manager

Press Release : 2008-2009/2083