Constitution of Monetary Policy Committee.
[45ZB. (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) |
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the Governor of the Bank— Chairperson, ex officio; |
| (b) |
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Deputy Governor of the Bank, in charge of Monetary Policy— Member, ex officio; |
| (c) |
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one officer of the Bank to be nominated by the Central Board— Member, ex officio; and |
| (d) |
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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.]
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