Reserve Bank of India (RBI): Mandate & Appointment
Reserve Bank of India (RBI) is India’s central bank. It controls the monetary policy concerning the national currency, the Indian rupee. It was formed as per the provisions of RBI act, 1934.
Mandate/Functions of RBI
- Monetary Authority: It implements and monitors the monetary policy and ensures price stability while keeping in mind the objective of growth. An amendment to RBI Act, 1934, was made in May 2016, providing the statutory basis for the implementation of the flexible inflation targeting framework.
- Monetary Policy Committee: It was created in 2016 to bring transparency and accountability in deciding monetary policy. MPC determines the ....
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