The Reserve Bank of India (RBI) constituted and Expert Committee to Revise and Strengthen the Monetary Policy Framework under the Chairmanship of Dr. Urjit R.Patel. The committee has submitted its Report to RBI on January 21, 2014. The committee has made in all 45 recommendations. The Report is available on the website of RBI at http://rbi.org.in/scripts/BS PressReleaseDisplay.aspx?prid=30446

            As stated in the Union Budget Speech 2014-15 that it is essential to have a modern monetary policy framework to meet the challenge of an increasingly complex economy and that the Government will, in consultation with the Reserve Bank, put in place such a framework.

            This was stated by Shri Jayant Sinha, MoS in the Ministry of Finance in written reply to a question in the Lok Sabha.

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