RBI forms panel on monetary policy

Print 04-Aug-2011 , 10:18:19 pm | By CASANSAAR

The Reserve Bank of India (RBI) today reconstituted the Technical Advisory Committee (TAC), which advises the apex bank on its monetary policy stance, in the light of macroeconomic and monetary developments.

The reconstituted committee would include eminent economists like Shankar Acharya of ICRIER, Sudipto Mundle of NIPFP and Errol D'Souza of IIM-Ahmedabad, among others.

"It has now been decided to reconstitute the Technical Advisory Committee on monetary policy, with a view to obtaining continued benefit of expert opinion from external experts in the areas of monetary economics, central banking, financial markets and public finance", the RBI said in a statement.

The TAC was constituted by the RBI in June, 2009. The tenure of the committee was up to June 30, 2011.

However, it was decided to continue with the committee up to the first quarter review of July, 2011.

The terms of reference of the TAC include reviewing the macroeconomic and monetary policy developments; and to advise the Reserve Bank on the stance of monetary policy.

The tenure of the committee, which meets at least once every quarter, would be up to June 30, 2013.

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