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Indian government adds 3 external members to RBI's monetary policy committee

The Indian government appointed three new members to theReserve Bank ofIndia's monetary policy committee, Reuters reported Sept. 22,citing a statement from the government's personnel ministry.

The new members are Chetan Ghate, Pami Dua and RavindraDholakia. Ghate is a professor at the Indian Statistical Institute, while Duais a director at the Delhi School of Economics. Dholakia is a professor at theIndian Institute of Management in Ahmedabad.

The new appointees will serve for four years. They will joinGovernor Urjit Pateland two other senior RBI officials on the committee.

The committee will be tasked with setting interest rates, asopposed to the previous practice of having the central bank governor solelydeciding the rate. However, it is unclear if the new committee will be settingthe rate at its next meeting Oct. 4.