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Monetary Policy Committee
July 25 , 2017
2709 days
1934
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• It is a statutory body entrusted with the task of fixing benchmark policy rate (Repo rate) to contain inflation within the specified target level of 4% with a band of 2%.
• There are six Members of Monetary Policy Committee, three Members will be from the RBI and the other three Members of MPC will be appointed by the Central Government.
• The panel is required to meet at least four times in a year.
• The Members of the MPC appointed by the Central Government shall hold office for a period of four years or until further orders, whichever is earlier.
• Each Member of the MPC has one vote and in case the numbers are equal, the RBI Governor has the casting vote.
• All the Members need to disclose their assets and liabilities and update the information once in every year.
• It should submit a report to the central government within one month from the date which the bank has failed to meet the inflation target.
• Members shall observe a silent or blackout period for seven days before and after the committee meeting.
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