Composition of MPC

♤ MPC consists of six members - the RBI Governor (Chairperson), the RBI Deputy Governor in charge of monetary policy, one official nominated by the RBI Board and the remaining three members nominated by the Government of India.

♤ The Government nominees are appointed based on the recommendations of a search cum

selection committee consisting of the cabinet secretary (Chairperson), the RBI Governor, the secretary of the Department of Economic Affairs, Ministry of Finance, and three experts in the field of economics or banking as nominated by the central government. The nominee will hold office for a period of four years and will not be eligible for re- appointment.

♤ The RBI act lays down the required qualification and eligibility for Members of MPC.