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<h1>Inflation target defined alongside Consumer Price Index and Monetary Policy Committee to guide monetary policy through Policy Rate.</h1> The amendment adds precise definitions to the Reserve Bank of India Act: Consumer Price Index as the Consumer Price Index Combined; inflation as year wise change in the monthly CPI in percentage; inflation target as determined under the specified provision; Monetary Policy Committee as the constituted committee; and Policy Rate as the rate for repo transactions under the designated subsection, thereby tying statutory terms to the inflation targeting framework and its implementation instrument.