The Reserve Bank of India has reconstituted its Technical Advisory Committee (TAC) on monetary policy with effect from 1 July.
The reconstituted TAC has Reserve Bank governor D Subbarao as its chairman and deputy governor-in-charge, monetary policy department as vice chairman.
Deputy governors Shyamala Gopinath, Usha Thorat and K C Chakrabarty will be members of the committee.
The committee will have two members from the committee of the central board (CCB) AS Ganguly and Y H Malegam and a panel of external experts comprising D M Nachane, director of Indira Gandhi Institute for Development Research (IGIDR), Mumbai; Shankar Acharya, honorary professor at the Indian Council for Research on International Economic Relations (ICRIER), New Delhi; Samir Kumar Barua, director of the Indian Institute of Management, Ahmedabad; P J Nayak, former chairman and managing director of Axis Bank and A Vasudevan, former executive director of the RBI.
TAC meetings will be attended by executive director of RBI's Monetary Policy Department (MPD), adviser-in-charge and other advisers of MPD, RBI and adviser in RBI's department of economic analysis and policy (DEAP). Monetary Policy Department will also be the secretariat to the committee.
TAC periodically advises the Reserve Bank on the stance of monetary policy in the light of macroeconomic and monetary developments.
The terms of reference of the committee are: to review macroeconomic and monetary developments, and to advise on the stance of monetary policy.
The committee will meet at least once in a quarter and its tenure will be for two years, ie, up to 30 June 2011.