The Indian government has notified the reconstitution of the Monetary Policy Committee (MPC) under the Reserve Bank of India (RBI) Act, 1934. Established under Section 45ZB of the amended RBI Act in 2016, the MPC is tasked with maintaining price stability while considering the country's broader growth objectives.
The committee comprises six members, including the RBI Governor, who serves as the ex officio chairperson. Three members are nominated by the central government for a four-year term. Each member of the MPC holds one vote, and in the event of a tie, the Governor has the casting vote.
The MPC plays a crucial role in shaping India's monetary policy, ensuring that inflation remains within targeted levels, which in turn supports overall economic growth.
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