The Technical Advisory Committee (TAC) on Monetary Policy, Reserve Bank of India's arm to

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advise it on its monetary policy stance, has been reconstituted effective July 1, the Reserve Bank of India said in a statement.

The committee under the chairmanship of Governor Duvvuri Subbarao will have deputy governors Shyamala Gopinath, Usha Thorat and K.C. Chakrabarty as members. Governor-in-charge of the Monetary Policy Department will be the vive-chairman.

Ashok.S. Ganguly and Y.H. Malegam are the two members from RBI's Committee of the Central Board (CCB). External members to the TAC are D.M. Nachane, Shankar Acharya, Samir Kumar Barua, P.J. Nayak and A. Vasudevan, the statement said.

The tenure of the committee will be up to June 30, 2011.

The terms and references of the TAC, which meets usually quarterly, are to review the macroeconomic and monetary developments and to advise the central bank on its stance of monetary policy.