In a bid to keep inflation under specified level, the government in 2016 had decided to set up Monetary Policy Committee headed by RBI Governor entrusted with the task of fixing the benchmark policy rate (repo rate). The six-member panel, which had its first meeting in October 2016, was given the mandate to maintain annual inflation at 4 per cent until March 31, 2021 with an upper tolerance of 6 per cent and a lower tolerance of 2 per cent.from Economy-News-Economic Times https://ift.tt/38T4Kjl
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