The government will introduce amendments to the Reserve Bank of India Act that would allow for the creation of a monetary policy committee, Finance Secretary Rajiv Mehrishi said on Monday.
Mr Mehrishi was speaking at a news briefing after the finance ministry struck a pact with the RBI to make targeting inflation the cornerstone of India's monetary policy, setting a central target for consumer price growth of 4 per cent.
The act would be amended in the 2015/16 fiscal year after consultations with the RBI and other stakeholders, Mr Mehrishi told reporters.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
