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Monetary Policy Committee constitution under the Reserve Bank of India Act 1934 notified

News and Press Release - Dated:- 29-9-2016 - The Reserve Bank of India Act, 1934 (RBI Act) has been amended by the Finance Act, 2016, to provide for a statutory and institutionalised framework for a Monetary Policy Committee, for maintaining price stability, while keeping in mind the objective of growth. The Monetary Policy Committee would be entrusted with the task of fixing the benchmark policy rate (repo rate) required to contain inflation within the specified target level. A Committee-based .....

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icy Committee Framework have also been notified in the Gazette on 27.6.2016. The Government, in consultation with RBI, has notified the inflation target in the Gazette of India Extraordinary dated 5th August 2016 for the period beginning from the date of publication of this notification and ending on the March 31, 2021, as under:- Inflation Target: Four per cent. Upper tolerance level: Six per cent. Lower tolerance level: Two per cent. As per the provisions of the RBI Act, out of the six Members .....

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