According to the latest norms issued by RBI, government appointed members in Monetary Policy Committee will be paid Rs. 1.5 lakh per meeting along with air travel and other reimbursements.
MPC is required to hold meetings at least four times in a year. The six-member MPC, constituted in September 2016, has three persons appointed by the central government while the rest, including the Governor, are from the RBI.
Now MOC members will need to observe a “silent period” seven days before and after the rate decision for “utmost confidentiality“.
Chetan Ghate, professor at the Indian Statistical Institute, Pami Dua, director at the Delhi School of Economics and Ravindra H Dholakia, professor at the Indian Institute of Management, Ahmedabad are the three government-appointed members. Their appointment is for a period of four years.
Apart from RBI Governor Urjit Patel, Deputy Governor Viral V Acharya and Executive Director M D Patra are also part of the committee.
According to new regulations, the schedule of the MPC meetings for the entire fiscal year needs to be announced in advance. At least 15 days of notice is required for convening a meeting ordinarily, but an emergency meeting can be called with 24 hours notice for each member and technology-enabled arrangements need to be made for even shorter notice period meetings.
All members need to disclose their assets and liabilities and update this information once every year.