Section 45ZB. Constitution of Monetary Policy Committee.

1[45ZB. Constitution of Monetary Policy Committee.--(1) The Central Government may, by notification in the Official Gazette, constitute a Committee to be called the Monetary Policy Committee of the Bank. (2) The Monetary Policy Committee shall consist of the following Members, namely:-- (a) the Governor of the Bank--Chairperson, ex officio; (b) Deputy Governor of the Bank, in charge of Monetary Policy--Member, ex officio; (c) one officer of the Bank to be nominated by the Central Board--Member, ex officio; and (d) three persons to be appointed by the Central Government--Members. (3) The Monetary Policy Committee shall determine the Policy Rate required to achieve the inflation target. (4) The decision of the Monetary Policy Committee shall be binding on the Bank.]