Bangalore: The Reserve Bank of India (RBI) has reconstituted the Technical Advisory Committee (TAC) on monetary policy with effect from July 1. The panel will review the macroeconomic and monetary developments in the country and will advise the banking regulator on the stance of monetary policy due on July 28. The panel will be headed by RBI governor Duvvuri Subarao and will have deputy governor S Gopinath, Usha Thorat and K C Chakrabarty as its members. Governor-in-charge of the Monetary Policy Department will be the Vice Chairman. Ashok 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 central bank said, "The tenure of the committee will be for two years up to June 30, 2011." According to the rule of the central bank, TAC would meet once in a quarter to review the macroeconomic and monetary developments and to advise the central bank on its stance of monetary policy. It will review the infrastructure, legal and institutional arrangements for trading, transfer and settlement in the markets in the context of emerging payments systems.