Monetary Policy Committee determines the policy rate to achieve the inflation target; decisions binding on the central bank. A new statutory Chapter requires the Central Government, in consultation with the Bank, to set an inflation target in CPI terms every five years and creates a Monetary Policy Committee (Governor as Chair, Deputy Governor, one Bank nominee, three government appointed external members) empowered to determine the Policy Rate to meet that target, with MPC decisions binding on the Bank. The Chapter prescribes member eligibility, selection by a Search cum Selection Committee, four year non renewable terms for external members, removal grounds, information rights, meeting frequency and transparency obligations, publication of MPC resolutions, minutes and a biannual Monetary Policy Report, and reporting requirements if the inflation target is missed.