New Delhi : The government appointees on the powerful Monetary Policy Committee will be paid Rs 1.5 lakh per meeting along with air travel and other reimbursements, but will need to observe a “silent period” seven days before and after the rate decision for “utmost confidentiality”.
The silent period and confidentiality requirements will also apply to three RBI members, including the Governor, on the panel that has been deciding on policy rates since October last year, the central bank has said. The members of the RBI Governor-chaired panel, which has to hold meetings at least four times in a year, are also required to be mindful of any conflict between their personal and public interest while interacting with profit making organisations and making personal financial transactions, the Reserve Bank said in its newly notified regulations for functioning of the committee.
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.
The members appointed by the government would “receive a remuneration of Rs 1,50,000 for devoting time and work for each meeting of the committee… which they attend and other expenses relating to air travel, local transportation and accommodation as may be decided by the central board from time to time,” as per the regulations. All members need to disclose their assets and liabilities and update this information once every year.
The panel is required to meet at least four times in a year and the RBI has been convening a bi-monthly meeting of this committee. 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.