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<h1>Monetary Policy Committee Formed Under RBI Act to Control Inflation and Promote Growth; Inflation Target Set at 4.</h1> The Reserve Bank of India Act, 1934, was amended by the Finance Act, 2016, to establish a Monetary Policy Committee (MPC) aimed at maintaining price stability while promoting growth. The MPC is responsible for setting the benchmark policy rate to control inflation, with meetings held at least four times a year. The inflation target is set at 4%, with a tolerance range of 2-6%, effective until March 31, 2021. The MPC comprises six members: three from the RBI and three appointed by the Central Government, with members serving a four-year term. The committee's formation was notified on September 29, 2016.