The government on Monday notified the rules for setting up of the Reserve Bank of India's monetary policy committee (MPC), giving effect to amendments to the RBI Act in this regard.
"Government has decided to bring the provisions of amended RBI Act regarding constitution of MPC into force on 27th June, 2016 so that the statutory basis of MPC is made effective," a finance ministry statement here said.
The RBI's benchmark interest rates, which are currently decided by the governor, will now be determined by a six-member MPC. As per the amendments to the RBI Act through the Finance Bill passed in the Lok Sabha, the committee will have six members, with three appointed by the RBI and three government appointees nominated by an external selection committee.
The RBI governor will have the casting vote in case of a tie. From the RBI, the committee will consist of the governor, the deputy governor in charge of monetary policy and one official nominated by the central bank.
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The RBI's benchmark interest rates, which are currently decided by the governor, will now be determined by a six-member MPC. As per the amendments to the RBI Act through the Finance Bill passed in the Lok Sabha, the committee will have six members, with three appointed by the RBI and three government appointees nominated by an external selection committee. 
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