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of <h1>India Forms Monetary Policy Committee u/s 45ZB of RBI Act with Diverse Experts for a Four-Year Term.</h1> The Central Government has established the Monetary Policy Committee of the Reserve Bank of India under section 45ZB of the Reserve Bank of India Act, 1934. The committee comprises the Governor of the Reserve Bank as Chairperson, the Deputy Governor responsible for Monetary Policy, one RBI officer nominated by the Central Board, and three external members: a professor from the Indira Gandhi Institute of Development Research, a professor from the Indian Institute of Management, Ahmedabad, and a senior advisor from the National Council of Applied Economic Research, Delhi. The external members will serve a four-year term or until further orders.
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