Some economists expect the inflation rate to rise in the coming few months
The committee should take ground realities into consideration and choose the best way forward
MPC members unanimously declined to meet Finance Ministry officials, said RBI governor Urjit Patel
MPC to factor in the impact of rising crude oil prices and Trump administration's policy approach
The repo rate, the rate at which banks borrow from the RBI, stayed at 6.25%
The rate cut is the MPC's way of supporting domestic growth
MPC has been tasked with deciding benchmark interest rates, which the RBI governor did so far
The panel might be in place before the next RBI policy statement
It is important that this framework is in place. I'm working very hard to get this in place before I leave, Rajan had said
An announcement of Raghuram Rajan's successor is expected before the end of this month
Target likely to remain four per cent, with a band of plus or minus two percentage points
The Board discussed two specific areas of operations, namely, the Reserve Bank's budget and constitution of Monetary Policy Committee
The MPC is expected to be in place before the next monetary policy review by the RBI in August
An agreement for a monetary policy framework was signed between RBI and finance ministry in January last year
Each member will have one vote and in case of a tie, the Governor shall have a casting vote
Out of the 6 members, 3 will be nominated by government while 3 others will be from RBI, including the governor