RBI forms panel on monetary policy
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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.
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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