The Reserve Bank of India (RBI) sets up committee to revise monetary policy framework.
The Reserve Bank of India (RBI) has set up an expert committee Chaired by Deputy Governor of RBI Urjit Patel to revise and strengthen the monetary policy framework to make it transparent and predictable.
The committee will review the objectives and conduct of monetary policy in a globalised and highly inter-connected environment and recommend an appropriate nominal anchor for the conduct of the policy. It is expected to submit its report within three months.
The committee will also review the organisational structure, operating framework and instruments of monetary policy, particularly the multiple indicator approach and the liquidity management framework, with a view to ensuring compatibility with macroeconomic and financial stability, as well as market development.