What is Urjit Patel committee?
Raghuram Rajan set up an Expert Committee in 2013 to Review and Strengthen the Monetary Policy Framework (RBI 2014; Chairman: Dr Urjit R Patel). The mandate of the Committee, amongst others, was to review the objectives and conduct of monetary policy in a globalized and highly inter-connected environment.
WHO recommended Monetary Policy Committee?
Urjit Patel Committee
The setting up of a committee to decide on Monetary Policy was first proposed by the Urjit Patel Committee. The Committee suggested a five-member MPC – three members from the RBI and two nominated by the Government.
What is monetary policy framework agreement?
From Arthapedia. Monetary Policy Framework Agreement is an agreement reached between Government and the central bank in India – The Reserve Bank of India (RBI) – on the maximum tolerable inflation rate that RBI should target to achieve price stability. Background.
Why was Urjit Patel removed?
India’s central bank governor Urjit Patel has resigned from his post citing “personal reasons”. His resignation comes amid reports of a rift between the Reserve Bank of India (RBI) and Prime Minister Narendra Modi’s government. India will vote in a general election in the first half of next year, with polls due by May.
What is Narasimham committee report?
The Narasimham-II Committee was tasked with the progress review of the implementation of the banking reforms since 1992 with the aim of further strengthening the financial institutions of India. It focussed on issues like size of banks and capital adequacy ratio among other things.
What is Jalan committee?
The Reserve Bank of India (RBI), in consultation with the central government, had constituted a Committee(Chair: Dr Bimal Jalan) to review the current economic capital framework, in November 2018. Why was it set up? To review the current economic capital framework.
What is monetary policy by BYJU’s?
Monetary Policy is the process of regulating the supply of money in an economy by the monetary authority of the country. The Monetary Policy, generally, adjusts the inflation rates or interest rates to sustain the price stability and to maintain the predictable exchange rates with foreign currencies.
Who are the 6 members of Monetary Policy Committee?
The other members of the MPC include Shashanka Bhide, senior advisor at the National Council of Applied Economic Research, and three RBI representatives— Mridul K. Saggar, executive director; Michael Debabrata Patra, deputy governor; and governor Shaktikanta Das, who is also the chairman of the committee.
Who controls inflation in India?
In India, inflation rate, as measured by the Consumer Price Index (CPI), is used as RBI’s monetary policy anchor. Within CPI, fuel and light account for a share of 6.84 per cent.
What is Urjit Patel doing now?
Currently, he is the chairman of the governing body of the National Institute of Public Finance and Policy.