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.]
