monetary policy committee (MPC).

♤ It went on to recommend that the Governor of the RBI should be the Chairman of the MPC. It felt that the Deputy Governor in-charge of monetary policy could be the Vice-Chairman. The Executive Director in charge of monetary policy could be its member. It could have two external members.

♤ The term of office of the MPC could be three years, without prospect of renewal.

♤ Minutes of the proceedings of the MPC to be released with a lag of two weeks from the date of the meeting.

♤ Currently, the RBI governor is the sole decision maker on monetary policy, though he is advised by his four deputy governors and a technical advisory committee.