The Reserve Bank of India (RBI) yesterday appointed its Executive Director Janak Raj as member of the Monetary Policy Committee (MPC), the highest interest rate setting body.<br />'' <br />'' The Monetary Policy Committee takes decisions based on majority vote. Each member has one vote but the RBI Governor get a casting vote in case of a tie. <br />'' <br />'' Raj replaces M D Patra, who was recently elevated as Deputy Governor of the RBI. <br />'' <br />'' The decision to appoint Janak Raj was taken at the 581st meeting of the central board held in Mumbai today. The MPC is headed by the RBI Governor. <br />''