- It is constituted by the Central Government under Section 45ZB of the RBI Act, 1934 (as amended in 2016).
- Its objective is to determine the policy rate necessary to achieve the inflation target.
- This committee consists of 6 members-
- Governor (ex-officio Chairman) of RBI
- Deputy Governor (in charge of monetary policy, ex officio member)
- An officer nominated by the Central Board of RBI (ex-officio member)
- 3 members appointed by the Central Government (Tenure for a period of 4 years or until further orders, whichever is earlier)
- Its meetings are held at least 4 times a year, for which the quorum is 4 members.
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