Indian government unveils final MPC design
Cut in number of external members may be designed to protect independence
The Indian government plans to create a six-member monetary policy committee (MPC) at the Reserve Bank of India (RBI), assuaging concerns of damage to central bank independence.
Finance minister Arun Jaitley today (February 29) unveiled the lengthy ‘Finance Bill' his government plans to put into law, which among a host of other measures, establishes an MPC at the RBI.
The government has gone through a few drafts of the bill, which originally specified a seven-member committee where RBI officials
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