BANKING AFFAIRS

Detailed explanation-1: -In May 2016, the RBI Act, 1934 was amended to provide a statutory basis for the implementation of the flexible inflation targeting framework.

Detailed explanation-2: -The Reserve Bank of India Act, 1934, was amended by Finance Act (India), 2016, to constitute MPC which will bring more transparency and accountability in fixing India’s monetary policy. The monetary policy are published after every meeting with each member explaining his opinions.

Detailed explanation-3: -The Monetary Policy Committee’s meeting was chaired by Governor Shaktikanta Das and attended by all MPC members Michael Debabrata Patra, Rajiv Ranjan, Shashanka Bhide, Ashima Goyal and Jayanth R. Varma, the RBI said in a statement.

Detailed explanation-4: -The Reserve Bank of India Act, 1934 (RBI Act) was amended on September 29, 2016 by the Finance Act, 2016, to provide for a statutory and institutionalised framework for a Monetary Policy Committee(MPC), for maintaining price stability, while keeping in mind the objective of growth.

Detailed explanation-5: -The minutes of the MPC’s meeting will be published on December 21, 2022. 18. The next meeting of the MPC is scheduled during February 6-8, 2023.