Lawgist45ZBConstitution of Monetary Policy Committee
1[45ZB. Constitution of Monetary Policy Committee.--(1) The Central Government may, by notification in the Official Gazette, constitute a Committee to be called the Monetary Policy Committee of the Bank.
(2) The Monetary Policy Committee shall consist of the following Members, namely:--
(a) the Governor of the Bank--Chairperson, ex officio;
(b) Deputy Governor of the Bank, in charge of Monetary Policy--Member, ex officio;
(c) one officer of the Bank to be nominated by the Central Board--Member, ex officio; and
(d) three persons to be appointed by the Central Government--Members.
(3) The Monetary Policy Committee shall determine the Policy Rate required to achieve the inflation target.
(4) The decision of the Monetary Policy Committee shall be binding on the Bank.]
Download our fully-offline, High speed android app.- Click here
1. Ins. by Act 28 of 2016, s. 222 (w.e.f. 27-6-2016).
- 45Z Provisions of this Chapter to override other provisions of Act
- 45ZA Inflation target
- 45ZB Constitution of Monetary Policy Committee
- 45ZC Eligibility and selection of Members appointed by Central Government
- 45ZD Terms and conditions of appointment of Members of Monetary Policy Committee
- 45ZE Removal of Members of Monetary Policy Committee
- 45ZF Vacancies, etc., not to invalidate proceedings of Monetary Policy Committee
- 45ZG Secretary to Monetary Policy Committee
- 45ZH Information for Monetary Policy Committee Members
- 45Z-I Meetings of Monetary Policy Committee
- 45ZJ Steps to be taken to implement decision of Monetary Policy Committee
- 45ZK Publication of decisions
- 45ZL Publication of proceedings of meeting of Monetary Policy Committee
- 45ZM Monetary Policy Report
- 45ZN Failure to maintain inflation target
- 45ZO Power to make rules
