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June 23, 2009

RBI’s Technical Advisory Committee on Monetary Policy
The Reserve Bank of India has now reconstituted the Technical Advisory
Committee (TAC) on Monetary Policy with effect from July 1, 2009. The tenure of the
Committee will be for two years i.e., up to June 30, 2011. The tenure of the Committee
constituted on April 2, 2007 is up to June 30, 2009.
The composition of the reconstituted Committee is as under:
Chairman : Dr. D. Subbarao, Governor, Reserve Bank of India
Vice-Chairman : Deputy Governor-in-Charge, Monetary Policy Department
Members : Deputy Governors : Smt. S. Gopinath, Smt. U. Thorat, Dr. K.C.
Chakrabarty
Two Members of the Committee of the Central Board (CCB) : Dr. A.S. Ganguly,
Shri Y.H. Malegam
External Members : Prof. D.M. Nachane, Director, Indira Gandhi Institute for
Development Research (IGIDR), Mumbai, Dr. Shankar Acharya, Hon. Professor, Indian
Council for Research on International Economic Relations (ICRIER), New Delhi, Prof.
Samir Kumar Barua, Director, Indian Institute of Management, Ahmedabad, Dr. P.J.
Nayak, Former Chairman & Managing Director, Axis Bank, Dr. A. Vasudevan, Former
Executive Director, Reserve Bank of India
In Attendance : Executive Director, Monetary Policy Department (MPD), Reserve Bank
of India, Adviser-in-Charge and other Advisers of MPD, Reserve Bank of India, Adviser,
Department of Economic Analysis and Policy (DEAP), Reserve Bank of India
Monetary Policy Department will be the secretariat to the Committee.
The objective of the TAC on Monetary Policy is to periodically advise the
Reserve Bank on the stance of monetary policy in the light of macroeconomic and
monetary developments. The TAC is an outcome of the Reserve Bank’s growing
emphasis on strengthening the process of monetary policy formulation.
The terms of reference of the Committee are:
(i) to review macroeconomic and monetary developments, and
(ii) to advise on the stance of monetary policy.
The Committee would meet at least once in a quarter.

G. Raghuraj
Press Release : 2008-2009/2083 Deputy General Manager