Section 9D: Establishment of Monetary Policy Committee

1[9D. Establishment of Monetary Policy Committee.—(1) There shall be Monetary Policy Committee consisting of— (a) Governor, or in his absence, a Deputy Governor nominated by him Chairperson (b) three senior executives of the Bank to be nominated by the Governor Members (c) three members of the Board, to be nominated by the Board Members (d) three external members, 2[*******] Members (2) 2[* * * * * * *] (3) 2[* * * * * * *] 2[(4) External members shall be eminent professionals or academics from the fields of economics, finance or banking, having an advanced degree from a recognized university and relevant experience in any such fields for at least ten years.] 2[(5) The Monetary Policy Committee shall determine its own regulations of procedure.] 2[(6) The quorum for the Monetary Policy Committee meeting shall be four members including at least one of whom shall be the Governor as Chairperson, or in his absence, the relevant Deputy Governor as nominated by the Governor, one non-executive member of the Board, one external member and one senior executive of the Bank. The decision shall be taken by a majority of members present and voting, with the Chairperson having a casting vote.]

Effective date: 1956-04-18

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