Monetary policy framework updated: RBI to operate policy with a Monetary Policy Committee and published inflation reporting. The Bill revises the RBI Act Preamble to prioritize a modern monetary policy framework aimed at price stability and growth, inserts definitions including Consumer Price Index, inflation and Monetary Policy Committee, and adds Chapter IIIF establishing that the Central Government will set the inflation target in consultation with the Bank; it provides for a Monetary Policy Committee composition, membership terms, Bank information duties to Committee Members, publication of implementation steps, and a biannual Monetary Policy Report with inflation sources and six-to-eighteen month forecasts.
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Monetary policy framework updated: RBI to operate policy with a Monetary Policy Committee and published inflation reporting.
The Bill revises the RBI Act Preamble to prioritize a modern monetary policy framework aimed at price stability and growth, inserts definitions including Consumer Price Index, inflation and Monetary Policy Committee, and adds Chapter IIIF establishing that the Central Government will set the inflation target in consultation with the Bank; it provides for a Monetary Policy Committee composition, membership terms, Bank information duties to Committee Members, publication of implementation steps, and a biannual Monetary Policy Report with inflation sources and six-to-eighteen month forecasts.
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