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What is Monetary Policy Committee?
- It is the committee which will decide India’s Monetary Policy.
- The formation of the monetary policy committee was mooted by the Urjit Patel committee(2016). The current mandate of the committee is to maintain 4% annual inflation until March 31, 2021, with an upper tolerance of 6% and a lower tolerance of 2%.
- The committee suggested that monetary policy be rule-based and not discretion-based. The final decision on monetary policy should not lie with the RBI governor alone but on a group of people.
- Composition of MPCMPC will be a 6 member committee:
- 3 members will be from RBI. These 3 members would include the governor who will also be the ex-officio chairperson of the committee.
- 3 members will be appointed by the central govt. These members should be experts in the field of finance or banking or economics or monetary policy. They will have a tenure of 4 years and will not be eligible for reappointment.
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