Overview

• The central board approved the appointment at a meeting in Lucknow chaired by Governor Sanjay Malhotra, according to an RBI press release.
• Bhattacharyya joins as an ex‑officio internal member, replacing Rajiv Ranjan, who is set to retire at the end of September after serving on the MPC since May 2022.
• The MPC comprises six members, including three from the RBI and three external economists, and the executive director leading the monetary policy department has typically held this internal seat since 2016.
• Current members include Governor Sanjay Malhotra, Deputy Governor Poonam Gupta, and external members Ram Singh, Saugata Bhattacharya and Nagesh Kumar.
• Bhattacharyya was elevated to executive director in March 2025 and has led research and monetary policy roles at the RBI, with earlier experience at Qatar Central Bank from 2009 to 2014.