RBI and government reach ‘broad consensus’ on MPC

Raghuram Rajan at the Reserve Bank of India

The Reserve Bank of India (RBI) has reached a "broad consensus" with the government on the design of a monetary policy committee (MPC), governor Raghuram Rajan said today (August 4).

Two weeks ago the ministry of finance published proposals for a seven-member MPC with a majority of external members, though this was a consultation, not its official position.

Rajan did not reveal much about the agreement, noting it still required parliamentary approval, but insisted both parties were on the same p

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