CourtMesh

Section 45ZB: Constitution of Monetary Policy Committee.

The Reserve Bank of India Act, 1934Central Act · Act 2 of 1934

[45ZB. 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.]

Where this provision sits

ActThe Reserve Bank of India Act, 1934
Section45ZB
Marginal noteConstitution of Monetary Policy Committee.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 28 of 2016. . Ins. by Act 28 of 2016, s. 222 (w.e.f. 27-6-2016).

Find the provision, not just read it

The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:

  • Search 49,000+ Central and State enactments by what a provision says, not by its number
  • Jump from any section to every judgment that has applied it
  • Search 300 million+ Indian court records alongside the statute
  • Ask a research agent to find and read the case law on a provision for you

Free account. No card. About a minute to create.

Create a free account

Need this as data, not as a page? The Reserve Bank of India Act, 1934 is one of 49,000+ enactments on CourtMesh. The Indian court cases API serves the case law that cites these provisions over JSON, with API documentation and plans and pricing. See also the judgment library.