<h1>Monetary Policy Committee Formed Under RBI Act 1934 to Enhance Price Stability and Growth from June 27, 2016.</h1> The government has initiated the formation of a Monetary Policy Committee (MPC) under the Reserve Bank of India Act, 1934, effective June 27, 2016. This move aims to institutionalize a framework for monetary policy to maintain price stability while fostering growth. The MPC will consist of six members, three from the Reserve Bank of India, including the Governor, and three appointed by the Central Government based on expert recommendations. These appointees will serve four-year terms without reappointment. The MPC will meet at least four times annually, and its decisions will be publicly disclosed.