The Reserve Bank of India (RBI) today announced the make-up and mandate of a committee set up to examine the bank's current monetary policy framework and come up with ideas on how to make it more "transparent and predictable" – a clear indication, according to some, that the RBI is looking to overhaul the way it has traditionally conducted policy by introducing forward guidance.

Unlike most central banks, the RBI does not have a clear-cut mandate to target inflation or maintain full employment