IIM-A Professor appointed to the RBI Monetary Policy Committee

In a significant move, the Reserve Bank of India (RBI) will be welcoming Jayanth R Varma, professor at Indian Institute of Management Ahmedabad (IIMA) as a member of the rate-setting Monetary Policy Committee (MPC).

Varma is among the three notable economists of the country being appointed by the Reserve Bank of India. The decision of the RBI has gained massive momentum and has proved glorious for the Indian Institute of Management Ahmedabad as well.

The Monetary Policy Committee is a body committed to determine and put forth the policy interest rate for achieving the inflation target.

Varma has been working in the finance and accounting sector of the country. Moreover, he is also an alumnus at the Indian Institute of Management Ahmedabad (IIM). Varma completed his PGDM and PhD course from the institute. 

He has been teaching students for several years and hold expertise in courses like capital markets, alternative investment, corporate finance, fixed income, risk management, etc. among others. Therefore, his in-depth knowledge of subjects like these made him a good fit for the panel.

RBI and IIM enjoy a long-term association 

The Reserve Bank of India and Indian Institute of Management have a long-term association with each. Several members of the RBI were alumni of the institution.

Among them, Professor Ravindra Dholakia is one of the most well-known members. Dholakia was a former faculty member at IIMA and had also been working as a member of the RBI committee.

Among other members, three notable personalities of Indian Institute of Management Ahmedabad have headed and worked with RBI previously. Among them are notable committee member like IG Patel, former director of IIMA, Raghuram Rajan, an alumnus and C Rangarajan, a former faculty member at IIMA.

The Monetary Policy Committee (MPC) had conducted a meeting on Wednesday, earlier this week. However, Varma did not comment on any of the updates from the meeting. The Monetary Policy Committee (MPC) will be shedding light on some of the greatest updates amidst present financial disruption times like these.

IIM-A students happy with the decision

Meanwhile, the students have expressed their happiness for their favourite professor. Several students and fellow faculty members took to social media to applaud Varma for his achievements. Shobit Shubhankar was one of the first students to laud Verma on social media.

Shobit is a former student to Varma and took to social media stating how he was taught a financial market course at IIM A by Varma. He further shared that it was a 15 session course with small intervals after every 10 sessions.

Students at IIMA have a habit of thumping the tables to express gratitude towards their faculties or instructors in the last session of every course or programme.

But for Varma, the students started thumping in the 8th session itself, indicating that he was an excellent instructor and had won the hearts of the students.

Shobit further added that Varma would never react to the appreciation and would look a little embarrassed by the sudden thumping.

He would then hurriedly move back to the blackboard and continue with the instructions and presentations. Varma has gained appreciation from several former associates, students, and others as well.

Apart from Varma, the other two Monetary Policy Committee (MPC) members are Dr Shashanka Bhide, Senior Advisor, National Council of Applied Economic Research and Aashima Goyal, professor, Indira Gandhi Institute of Development Research.

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