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of <h1>Finance Bill 2016: Amendments to RBI Act focus on inflation targeting, establish Monetary Policy Committee under Chapter III F.</h1> The Finance Bill, 2016 proposes amendments to the Reserve Bank of India Act, 1934, introducing Chapter III F, which prioritizes monetary policy provisions over other Act sections. It mandates the Central Government, with the Reserve Bank of India, to set an inflation target every five years based on the Consumer Price Index. A Monetary Policy Committee will be established, comprising the RBI Governor, Deputy Governor, an RBI officer, and three government-appointed members. The Committee's decisions are binding on the Bank. The RBI must provide relevant information to the Committee and publish biannual Monetary Policy Reports detailing inflation sources and forecasts.
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