<h1>Government Appoints New Members to RBI's Monetary Policy Committee to Manage Inflation as per RBI Act, 1934.</h1> The government has appointed the members of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) as per the RBI Act, 1934. The committee includes the RBI Governor as Chairperson, a Deputy Governor, one RBI officer, and three external members from academic institutions. The MPC is responsible for setting the benchmark policy rate to manage inflation within a target range of 4% +/- 2% until March 2021. If inflation deviates from this range for three consecutive quarters, the RBI must report to the government with reasons and corrective measures.