Here's a short note on the organisational structure for Monetary Policy Decisions in the RBI #communication Main Note - [Monetary Policy](Monetary%20Policy.md) ## 1999 1. [Evolving Institutional Mechanisms for Decision-Making in RBI](RBI_Annual%20Report_1999.pdf#page=184&selection=224,0,228,3) ## Before 2005 1. 1998, the government shifted monetary policy approach from monetary targeting to a multiple-indicator approach. 2. In India, monetary policy decisions were taken by the Governor alone 3. He is appointed and removed by the Central Government 4. For policy formulation, he is assisted by Deputy Governors, with one Deputy Governor specifically entrusted with the responsibility for monetary policy setting and conduct, and is guided by the inputs received from the Committee of the Central Board of Directors that meets every week to review monetary, economic and financial conditions. 5. RBI started announcing its policy reviews twice in a year when Bimal Jalan (November 22, 1997, to September 6, 2003) took charge as the 20th Governor of the Reserve Bank of India. 6. Over time, the monetary policy formulation process has become more consultative and participative with an external orientation. ## 2005 1. Dr. Bimal Jalan's successor Dr. Y V Reddy (September 6, 2003, to September 5, 2008) introduced a mid-quarter review, which resulted in an announcement every 45 days. 2. Quarterly policy reviews (April/May, July, October and January) were introduced in 2005. 3. [July 8, 2005](RBI_Press%20Release_20050708_RBI's%20Technical%20Advisory%20Committee%20on%20Monetary%20Policy.pdf) - After this, RBI set up a ==Technical Advisory Committee on Monetary Policy (TACMP)== in July 2005 with external experts in the areas of monetary economics, central banking, financial markets and public finance. 1. The Committee was chaired by the Governor, with the Deputy Governor in charge of monetary policy as the vice-chairman and the other Deputy Governors of the RBI as internal members. 2. The Committee met at least once in a quarter, reviewed macroeconomic and monetary developments and advises the RBI on the appropriate stance of monetary policy. 3. It also provides policy recommendations for mid-quarter reviews, which were introduced in 2010. 4. The role of the TACMP is purely advisory in nature. 5. Members of TACMP have agreed not to speak in public on issues relating to monetary policy from ten days before the TACMP meeting up to one day after the policy announcement though members may express their views in public in other periods in their individual capacity. This shut period is a self-imposed discipline. 4. The Governor held a regular media conference after every quarterly policy review which is an open house for questions, not just related to monetary policy, but the entire domain of activities of the RBI. 5. The quarterly policy statements were issued in the Governor’s name. 6. With effect from October 2005, the RBI introduced ==pre-policy consultation meetings== with representatives of different segments of the banking sector, trade and industry bodies, financial market participants, credit rating agencies and other institutions. ## 2007 1. [Apr 02, 2007](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=16361) - RBI re-constituted the Technical Advisory Committee on Monetary Policy, for two years i.e., up to June 30, 2009. ## 2009 1. Since 2008-09, 3 quarterly reviews were held. 2. [Jun 23, 2009](RBI_Press%20Release_20050708_RBI's%20Technical%20Advisory%20Committee%20on%20Monetary%20Policy.pdf) - RBI reconstituted the Technical Advisory Committee (TAC) on Monetary Policy with effect from July 1, 2009, for two years i.e., up to June 30, 2011. ## 2010 1. [Jul 27, 2010](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22884) - In the Press Statement of First Quarter Review of Monetary Policy 2010-11, Dr. D. Subbarao, RBI Governor announced that the RBI will undertake mid-quarter reviews, that is, roughly after 45 days since the last quarter review. #duvvurisubbarao 2. These 4 months were June, September, December and March. It started from Mid-Quarter (September 2010) 3. This changed the number of reviews in a year to 8; 4 mid-quarters (June, September, December and March), 2 quarters (in July and Jan.), mid-term/2nd quarter (in Oct.) and annual (April/May) and annual report in (end of August). 4. The first mid-quarter review was in September 2010. 5. Mid-quarter policy statements were put on RBI's website as press releases. ## 2011 1. Beginning with the meeting held in January 2011, the main points of discussions of the TACMP are placed in the public domain, with a lag of roughly four weeks after the meeting of the Committee. ## Need for a Formal Monetary Policy Committee Several committees have recommended formation of a full-fledged monetary policy committee (MPC). [^1] 1. [The Standing Committee on International Standards and Codes, 2002 (Chairman: Dr. Y.V. Reddy)](https://m.rbi.org.in/Scripts/PublicationReportDetails.aspx?ID=220) recommended legislative changes in the RBI Act so as to facilitate a mechanism for effective monetary policy. It recommended setting up of a Monetary Policy Committee on the lines of the Board of Financial Supervision. 2. [The Committee on Fuller Capital Account Convertibility, 2006 (Chairman: Shri S.S. Tarapore](RBI_Report:Committee_2006_Committee%20on%20Fuller%20Capital%20Account%20Convertibility_2006_Chairman-S.S.Tarapore_Tarapore%20Committee-2.pdf) submitted its report in 2007 and recommended that there should be a formal Monetary Policy Committee. It also recommended that at some appropriate stage, a summary of the minutes of the Monetary Policy Committee should be put in the public domain with a suitable lag. 3. [The Committee on Financial Sector Reforms, 2008 (Chairman: Dr. Raghuram G. Rajan)](RBI_Report:Committee_20080912_Committee%20on%20Financial%20Sector%20Reforms_2008_A%20Hundred%20Small%20Steps_Chairman-Raghuram%20Rajan.pdf), setup in 2007 by Planning Commission, govt. of India, recommended that a Monetary Policy Committee should take a more active role in guiding monetary policy actions. It should meet more regularly; its recommendations and policy judgments should be made public with minimal delays. 4. [The Committee on Financial Sector Assessment, 2009 (Chairman: Dr. Rakesh Mohan)](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=10275)counseled on the need for strengthening the role of the TACMP and recommended that practices/ procedures towards this goal be considered as it gains more experience. 5. The ==Financial Sector Legislative Reforms Commission (FSLRC), 2013, Chairman: Shri B. N. Srikrishna==, is one of the most important, well researched, well-publicised reports [[RBI_Report_2013_Financial Sector Legislative Reforms Commission_Volume 1 Draft Law_2013_Chairman-B. N. Srikrishna.pdf|Vol. 1]] & [[RBI_Report_2013_Financial Sector Legislative Reforms Commission_Volume 2 Draft Law_2013_Chairman-B. N. Srikrishna.pdf|Vol.2]] in Indian financial history, had recommended that: 1. An executive MPC should be constituted that would meet on a fixed schedule and vote to determine the course of monetary policy. 2. Once the MPC has determined the policy action, the central bank would establish an operating procedure through which the operating target would be achieved. 3. There should be clear accountability ==mechanisms== through which the central bank would be held accountable for delivering on the objectives that have been established for it. 4. While the FSLRC elaborated specific aspects of the decision-making process and accountability mechanisms, it was of the view that other critical elements – measurement and research, operating procedure, and monetary policy transmission – would take place through the management process of the central bank, with oversight of the board. 5. This [[Financial Sector Legislative Reforms Commission (FSLRC), 2013|note]] has more details on FSLRC 6. ==The [Expert Committee](https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=743) to Revise and Strengthen Monetary Policy Framework-2014, chaired by Dr. Urjit R. Patel, then Deputy Governor, Reserve Bank of India made [these](https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=750#:~:text=Organisational%20Structure%20for%20Monetary%20Policy%20Decisions) recommendations which, in 2016, led to formation of a MPC. == ## 2013-to-2015 ### 2013 1. An [Expert Committee](https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=743) to Revise and Strengthen Monetary Policy Framework, chaired by Dr. Urjit R. Patel, then Deputy Governor, Reserve Bank of India was appointed on September 12, 2013 by Governor Dr. Raghuram G. Rajan, who was also chairman of The Committee on Financial Sector Reforms, 2008, one of the committees that had recommended set up of a MPC. ### 2014 1. The report was submitted in January 2014. 2. It recommended: 1. that the decision-making process for monetary policy should be entrusted to a committee, 2. and the RBI should conduct monetary policy reviews once every two months. 3. It adopted the bi-monthly policy review from April 1, 2014. ### 2015 ^7b5d45 1. February 20, 2015 - An agreement called the the the [Monetary Policy Framework Agreement](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=33361), was signed between Government of India and Reserve Bank of India, which would change the monetary policy approach from multiple indicator to flexible inflation targeting (FIT). 2. It was legally adopted in 2016. 3. In 1998, the government shifted monetary policy approach from monetary targeting to a multiple-indicator approach. 4. RBI followed the multiple-indicator approach from 1998 to 2016. ## 2016 - FIT framework and formation of Monetary Policy Committee (MPC) 1. The implementation of the 2015 agreement between RBI and the govt. of India required amendments to the RBI Act, 1934. 1. In the budget session of [16-17](https://www.indiabudget.gov.in/budget2016-2017/bill.asp), the govt. announced its proposal to bring about the required amendment and legally adopt the above agreement, that is provide statutory basis for a monetary policy framework and a monetary policy committee (MPC). 2. [May 14, 2016](Act_The%20Finance%20Act-2016_28%20OF%202016_May%2014%202016_CHAPTER%20XII-PART%20I.pdf) - The Finance bill was passed by the Lok Sabha on May 5, 2016, and the Rajya Sabha on May 11, 2016, and received President's assent on May 14, 2016, and it became the Finance Act, 2016. 1. Chapter XII of the Finance Bill provides specific features of the proposal. 3. Thus the RBI Act was amended by the Finance Act, 2016. 4. The multiple indicator regime of monetary policy came to an end. 2. [[Gazette Notification_June 27 2016_MPFA.pdf|June 27, 2016]] - The amended provisions for set up of the MPC were brought into force, and a formalized committee approach to monetary policy decision-making was established by the set up of a Monetary Policy Committee (MPC), which had a statutory framework for setting India's monetary policy. 1. The shift from  single decision-maker to a Committee-based decision making marked a watershed in the historical evolution of monetary policy in India. 2. Explicit provisions were made in the amended RBI Act, 1934 that required the RBI to communicate and disseminate the changes in monetary policy implementation to the public periodically, thereby enhancing policy transparency under the flexible inflation targeting (FIT) framework. 3. The move was aimed to add value, transparency and accountability in the monetary policy decisions like setting interest rates and inflation targets, thereby bringing about significant changes in institutional design. 4. Dr. Raghuram G. Rajan was the Governor at that time. He served as the 23rd Governor of the RBI from September 2013 through September 2016. 3. Before the amendment of the RBI Act in 2016, the preamble read as: “to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage” The preamble to the Reserve Bank of India Act, 1934 delineates the basic functions of the Bank as “to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage”. The objectives of monetary policy evolved from this broad guideline as maintaining price stability and ensuring adequate flow of credit to the productive sectors of the economy. In practice, monetary policy endeavoured to maintain a judicious balance between economic growth and price stability. [^5] **==After June 27, 2016:==** >AND WHEREAS it is essential to have a modern monetary policy framework to meet the challenges of an increasingly complex economy; >AND WHEREAS the monetary policy framework in India shall be operated by the Reserve Bank of India; >AND WHEREAS the primary objective of the monetary policy is to maintain price stability while keeping in mind the objective of growth 4. Inflation became the anchor for the monetary policy, and the <span style="background-color:#FFF2D7;">[Flexible Inflation Targeting (FIT)](Flexible%20Inflation%20Targeting%20(FIT).md)</span> was formally adopted as the approach or framework for making/conduct of the monetary policy. 5. With this, India joined the group of several developed and emerging market economies that have implemented inflation targeting. 6. Thus MPC meets to fulfill the statutory duty to determine the policy rate required to achieve this inflation target. Here policy rate means the repo rate, as defined under Section 17 (12AB) of the RBI Act, 1934, that is the rate at which banks borrow rupee funds from the RBI (under the LAF framework) by selling government securities and agreeing to repurchase them at pre-determined higher price. 1. The emphasis on growth and inflation is relative in nature and would depend on the current and emerging macro-economic developments in the economy. 2. The Reserve Bank's Monetary Policy Department (MPD) also assists the MPC in formulating the monetary policy with its analytical work based on research and views of key stakeholders in the economy 3. The short-term and long-term interest rates became the intermediate targets. 4. Once the repo rate is announced, the Financial Markets Operations Department ([FMOD](https://rbi.org.in/Scripts/AboutUsDisplay.aspx?pg=Depts.htm#FMOD1:~:text=facilitate%20these%20objectives-,Financial%20Markets%20Operations%20Department,-Carved%20out%20of)) operationalises the monetary policy, mainly through day-to-day liquidity management operations called the **operating procedure**, and reviews the liquidity conditions so as to ensure anchoring or close alignment of the **operating target** - the weighted average call money rate (WACR) – with the policy repo rate. 1. It takes decision like the size, tenor, choice of instrument, timing for the LAF operations. 5. In addition to the repo/reverse repo under LAF, there are also other [[Liquidity Adjustment Facility (LAF)#Instruments of Liquidity Management|monetary instruments.]] 7. The framework had a well-defined operating target, an operating procedure for the implementation of monetary policy and achievement of the end objectives. 8. The MPC consist of 6 members, and are appointed for a period of 4 years by the govt under the empowers conferred to it by section 45ZB of the Reserve Bank of India Act, 1934: 1. Governor of the RBI; 2. Deputy Governor of the RBI in charge of Monetary Policy; 3. 1 officer of the RBI to be nominated by the Central Board; 4. and 3 persons to be appointed by the Central Government for a period 9. Each member of the MPC has one vote, and in the event of an equality of votes, the Governor of the RBI has a second or casting vote. 10. It meets *at least 4 times a year* under **Section 45ZI** of the Reserve Bank of India Act, 1934, and shall publicize its decisions after each such meeting as laid out in section 45-ZK, RBI Act, 1934. 11. [March 22, 2017](RBI_Press%20Release_20170322_Meeting%20Schedule%20of%20the%20Monetary%20Policy%20Committee%20for%202017-18.pdf) - MPC decided it will meet 6 times a year, and so the meetings are bi-monthly. 12. [MPC Committee - Meeting Schedules](Monetary%20Policy%20Decisions%20in%20the%20RBI%20-%20The%20Structure.md#MPC%20Committee%20-%20Meeting%20Schedules) - It is published at least one week before the first meeting of the financial year > [!Quote] > *The question of packing the committee with appropriate members is an issue that arises in almost every field including judiciary. Therefore, that has to be kept. There can always be a fear on that score, but that doesn’t absolve the need for creating a proper system like this.* [^2] > -C. Rangarajan 13. ==After the meeting, the following is released immediately:== 1. the Monetary Policy Resolution (Section 45ZJ) of the MPC, which includes the policy rate decision, stance, and voting outcome, and also forecasts of inflation and growth. 2. the Governor's Monetary Policy Statement (45ZK) - which includes the assessment of macroeconomic conditions and the outlook for inflation and growth. 3. the Statement on Developmental and Regulatory Policies - which is not an MPC document but Issued by RBI under its general regulatory powers. 14. On the 14th day after the meeting, the minutes (Section 45ZL) of the proceedings of the MPC meeting are published which include 1. the resolution adopted by the MPC; 2. the vote of each member on the resolution, and 3. the statement of each member on the resolution adopted 15. It also publishes a document called [Monetary Policy Report](https://rbi.org.in/Scripts/HalfYearlyPublications.aspx?head=Monetary%20Policy%20Report), at least once in 6 months (October and April), explaining the steps to be taken by it to implement their decisions, source of inflation, forecasts for inflation for 6-18 months, etc., as mentioned in the section 45-ZK, RBI Act, 1934. 1. Before this, RBI published a report titled [Macroeconomic and Monetary Developments](https://rbi.org.in/Scripts/AnnualPublications.aspx?head=Macroeconomic%20and%20Monetary%20Developments). 2. It was published 4 times a year (Jan, April/May, July, Oct/Nov). 3. Surveys are *Industrial outlook; order book, inventory and capacity utilization (OBICUS); inflation expectations; credit conditions; consumer confidence; corporate performance; and professional forecasters’ assessments*. 4. ==After April 2014, this publication was replaced by a half-yearly publication called [Monetary Policy Report](https://rbi.org.in/Scripts/HalfYearlyPublications.aspx?head=Monetary%20Policy%20Report)*== 5. Monetary Policy Report was first published in September 2014. 6. It also has all the data/inputs that go into the formulation of monetary policy – its internal macroeconomic assessment and results of [[Surveys by RBI|surveys]], along with forecasts for inflation and growth. 16. With the formation of the MPC, monetary policy decisions which were made by the Governor alone (though he acted based on internal and technical advice) was ceded to the MPC. This marked turning of a page on a tradition that went back to the origins of the RBI in pre-independent India.[^4] 17. [August 5, 2016](GoI_PIB%20Press%20Release_20160805_Statutory%20and%20Institutionalised%20framework%20for%20Monetary%20Policy;%20Central%20Government%20in%20consultation%20with%20RBI%20announces%20the%20Inflation%20Target%20of%20Four%20Percent.pdf) - Central Government in consultation with RBI announced the inflation target of 4% in terms of CPI, with an upper tolerance level of 6% and a lower tolerance level of 2%, internalizing flexibility. 18. August 2016 - [Committee Approach to Monetary Policy: International Experience](RBI_Annual%20Report_2016.pdf#page=70&selection=424,0,424,63) in RBI's Annual Report 2016 19. ==The first meeting of MPC was on October 4, 2016.== 1. [September 29, 2016](PIB_20160929_Monetary%20Policy%20Committee%20constitution%20under%20the%20Reserve%20Bank%20of%20India%20Act,%201934%20notified.pdf) - Government of India (GoI) notified (informed the world) about the appointment of the MPC. 2. [October 4, 2016](RBI_MPS_R-MPC_201610.pdf) - Just one working day later after the press release of September 29, 2016, the MPC plunged into its work and on October 4, it issued its first resolution, unanimously backed. [^4] 20. Till May 2020, the MPC met 23 times since its first meeting in October 2016. > Must Read - Michael Debabrata Patra. (Nov 20, 2017). ==One Year in the Life of India's Monetary Policy Committee==. (A Speech by Dr. Michael Debabrata Patra, Executive Director - October 27, 2017 - at the Jaipur Regional Office of the Reserve Bank of India. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1050) 21. The decision of the Monetary Policy Committee is binding on the RBI. 22. This formal committee-based approach along with statutory requirement on the RBI to communicate and disseminate the changes in monetary policy implementation to the public periodically, has enhanced transparency to monetary policy decisions under the flexible inflation targeting (FIT) framework. 23. ==Even the governor comes to know about the changes in the repo rates only after the discussion of the committee.== 24. The Governor also holds a regular media conference after every quarterly policy review which is an open house for questions, not just related to monetary policy, but the entire domain of activities of the RBI. 25. He also appears before the Parliament’s Standing Committee on Finance whenever summoned, which happens on an average [[Five Years of Leading the Reserve Bank - Looking Ahead by Looking Back - A speech by Dr. Duvvuri Subbarao, ex-RBI Governor#^51042d|three to four times a year]]. 26. The RBI also assists the finance minister in answering Parliament [[Lok Sabha_Questions_170407_OMOs.pdf|questions]] relating to its domain. 27. May 2021 - [Box X.1-Central Bank Communication during Pandemic](RBI_Annual%20Report_2021.pdf#page=227&selection=76,0,76,42) in RBI's Annual Report 2021 28. [Jan, 2025]((https://rbi.org.in/Scripts/CommunicationPolicy.aspx)- Version 3.0 of Communication Policy of RBI was released. 29. May 2024 - [[RBI_Annual Report_2024.pdf#page=110&selection=142,0,142,37|Box III.1-An article on Monetary Policy Communication in India]] in RBI's Annual Report 2024 ### Monetary Policy Committees 1. [September 29, 2016](PIB_20160929_Monetary%20Policy%20Committee%20constitution%20under%20the%20Reserve%20Bank%20of%20India%20Act,%201934%20notified.pdf) - The Second Monetary Policy Committee (MPC-1) was constituted. 1. Shri Chetan Ghate (Professor, Indian Statistical Institute (ISI)), 2. Professor Pami Dua (Director, Delhi School of Economics (DSE)), 3. Dr. Ravindra H. Dholakia (Professor, IIM-A) 2. October 5, 2020 - The Second Monetary Policy Committee (MPC-2) was constituted. 1. The three persons (external) appointed by the central govt (and notified by the Department of Economic Affairs, Ministry of Finance) were: 1. Dr. Shashanka Bhide (Senior Advisor at the NCAER), 2. Dr. Ashima Goyal (Professor, IGIDR) , 3. Dr. Jayanth R. Varma (Professor, IIM-A) 2. Shaktikanta Das (Dec 12, 2018 to Dec 10, 2021, Dec 11, 2021 to Dec 10, 2024) was the governor (also the second longest serving RBI governor) of the RBI during the tenor of MPC-2. 3. [October 01, 2024](https://dea.gov.in/files/press_release_documents/PRESS_NOTE_MPC.pdf) - The third Second Monetary Policy Committee (MPC-2) was constituted for a period of 4 years, and the following external members were appointed: 1. Prof. Ram Singh (Director, Delhi School of Economics, University of Delhi), 2. Shri Saugata Bhattacharya (Economist), 3. Dr. Nagesh Kumar, (Director and Chief Executive, Institute for Studies in Industrial Development, New Delhi) ### Monetary Policy Reviews - Frequency **Summary of frequency of policy reviews**. 1. Till mid-1990s, RBI had 2 reviews a year. 2. Bimal Jalan in 1997, he rechristened the process as monetary policy and introduced **quarterly** reviews. 3. His successor Y V Reddy introduced a mid-quarter review, which resulted in an announcement **every 45 days**. 4. April 1, 2014 - Urjit Patel started **bi-monthly** policy review. 5. June 27, 2016 - The amendments to the Reserve Bank of India Act, 1934, notified on June 27, 2016, introduced the MPC framework and mandated that it shall meet at least four times a year (under Section 45ZI of the RBI Act, 1934). 6. [March 22, 2017](RBI_Press%20Release_20170322_Meeting%20Schedule%20of%20the%20Monetary%20Policy%20Committee%20for%202017-18.pdf) - MPC decided it will meet 6 times a year, and so the meetings are bi-monthly. 7. Calendar of the meetings - It is published at least one week before the first meeting of the financial year (around April 1-2) ### MPC Committee - Meeting Schedules 1. The search keyword for RBI website is "Meeting Schedule of the Monetary Policy Committee" | MPC Committee | Release Dates | | ------------------------------------------------------------------------------------------------------------------------------------------ | ------------- | | [Meeting Schedule of the Monetary Policy Committee for 2026-2027](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=62422) | Mar 23, 2026 | | [Meeting Schedule of the Monetary Policy Committee for 2025-2026](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=60062) | Mar 26, 2025 | | [Meeting Schedule of the Monetary Policy Committee for 2024-2025](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=57580) | Mar 27, 2024 | | [Meeting Schedule of the Monetary Policy Committee for 2023-2024](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=55410) | Mar 24, 2023 | | [Meeting Schedule of the Monetary Policy Committee for 2022-2023](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=53486) | Mar 30, 2022 | | [Meeting Schedule of the Monetary Policy Committee for 2021-2022](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=51350) | Mar 31, 2021 | | [Meeting Schedule of the Monetary Policy Committee (MPC) for 2020-21](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50463) | Oct 06, 2020 | | [Meeting Schedule of the Monetary Policy Committee (MPC) for 2020-21](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50426) | Sep 28, 2020 | | [Meeting Schedule of the Monetary Policy Committee for 2020-2021](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=49700) | Apr 20, 2020 | | [Meeting Schedule of the Monetary Policy Committee for 2019-20](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=46626) | Mar 22, 2019 | | [Revised Meeting Schedule of the Monetary Policy Committee for 2018-19](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=43947) | May 16, 2018 | | [Meeting Schedule of the Monetary Policy Committee for 2018-19](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=43436) | Mar 21, 2018 | | [Meeting Schedule of the Monetary Policy Committee for 2017-18](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=39913) | Mar 22, 2017 | <!-- Blank line between lists --> ### Naming of the monetary policy statements 1. From July 2005 till end of FY 2007-08 - Q1 and Q3 (twice a year) 2. From July 2008 till Sept 2010 - 3 reviews in a year. 3. September 2010 to January, 2014 - 8 reviews in a financial year. 1. Example: April/May (Monetary Policy Statement for the financial year, Q1 in July, Mid-Q in Sept, Q2 in Oct, 3rd Q in Jan) 4. From April 1, 2014 to August, 2016 - minimum 6 (bi-monthly) and the title changed to (Third) Bi-monthly Monetary Policy Statement, 2016-17 (financial year) 5. From October 2016, statements were titled - (Fifth Bi-monthly or without it) Monetary Policy Statement, 2016-17 Resolution of the Monetary Policy Committee (MPC) (Dates), (Reserve Bank of India or without it). ## Related Notes 1. [[Monetary Policy Frameworks in India|Monetary Policy Framework]] 2. [Liquidity Adjustment Facility (LAF)](Liquidity%20Adjustment%20Facility%20(LAF).md) 3. [[Surveys by RBI]] 4. [[Five Years of Leading the Reserve Bank - Looking Ahead by Looking Back - A speech by Dr. Duvvuri Subbarao, ex-RBI Governor]] 5. [Publications (Data Releases) & Research](Publications%20(Data%20Releases)%20&%20Research.md) ## References ### [[Speeches & Media Interactions|Speeches]] 1. Rakesh Mohan. (Sep 09, 2005). ==Communications in Central Banks: A Perspective==. (by Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India, at the SAARC FINANCE Governors' Symposium at Mumbai on September 9, 2005). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=210) 2. Y. V. Reddy. (Jan 23, 2006). ==Central Bank Communications : Some Random Thoughts.== (by Dr. Y. V. Reddy, Governor, Reserve Bank of India at the Regional Seminar on Central Bank Communications sponsored by the International Monetary Fund, held at Hotel Taj Land End, Mumbai on January 23, 2006). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=224) 3. D. Subbarao. (Jul 05, 2011). ==Statistics in the World of RBI== - Duvvuri Subbarao - Inaugural address by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India at the Statistics Day Conference of RBI, Mumbai, July 5, 2011. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=582) 4. Duvvuri Subbarao. (Aug 30, 2013). ==Statistics in RBI’s Policy Making Conceptual and Empirical Issues== - Inaugural address by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India at the 7th Statistics Day Conference of RBI, Mumbai on August 30, 2013. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=835) 5. Raghuram Rajan. (Jul 26, 2016). ==Policy and Evidence== - Dr. Raghuram Rajan, Governor - July 26, 2016 - at the 10th Statistics Day Conference 2016, Reserve Bank of India, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1013) 6. Duvvuri Subbarao. (Jan 07, 2011). ==Dilemmas in Central Bank Communication: Some Reflections Based on Recent Experience==. (Second Business Standard Annual Lecture delivered by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India, at New Delhi on January 7, 2011). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=544) 7. Michael Debabrata Patra. (Nov 20, 2017. ==One Year in the Life of India's Monetary Policy Committee==. (Dr. Michael Debabrata Patra, Executive Director - October 27, 2017 - at the Jaipur Regional Office of the Reserve Bank of India. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1050) 8. Michael Debabrata Patra. Nov 15, 2022. ==Lost in Transmission? Financial Markets and Monetary Policy==. (Speech delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - November 12, 2022 - in the Treasury Heads’ Seminar organised by the Reserve Bank at Lonavala). [Link](https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1338) 9. Michael Debabrata Patra. (Jul 03, 2023). ==Statistics Shape the Setting of Monetary Policy== - Speech delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - June 30, 2023 - at the Statistics Day Conference at RBI, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1374) 10. Michael Debabrata Patra. (Nov 22, 2024). ==Communicating Monetary Policy==. Opening remarks by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - November 21, 2024 - at the “High-Level Policy Conference of Central Banks in the Global South” organised by the Reserve Bank of India as a part of commemoration of its 90th year at Mumbai, India. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1483) 11. Poonam Gupta. (Nov 26, 2025). ==Timely and Topical Statistics for Agile Policy Making== - Speech by Dr. Poonam Gupta, Deputy Governor, Reserve Bank of India delivered at the Pre-release Consultative Workshop on Base Revision of Consumer Price Index (CPI), Gross Domestic Product (GDP) and Index of Industrial Production (IIP) at Mumbai on November 26, 2025. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1534) 12. [More Speeches](Publications%20(Data%20Releases)%20&%20Research.md#^f71b58) ### [[Publications (Data Releases) & Research#Publications|Publications]] 1. Y. V. Reddy (Oct 29, 2001). ==Communications Policy of the Reserve Bank of India==. RBI Bulletin-Oct, 2001. [Link](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=3057) 2. RBI. (2001, March 24). ==Report of the Standing Committee on International Financial Standards and Codes: Advisory Group on Corporate Governance==. Chairman: Dr. Y.V. Reddy. [Link](https://m.rbi.org.in/Scripts/PublicationReportDetails.aspx?ID=220) 3. RBI. (2009, May 11). ==Report of the Committee on Financial Sector Assessment==. Chairman: Dr. Rakesh Mohan. [Link](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=10275) 4. Financial Sector Legislative Reforms Commission. (2013, March). ==Report ([[RBI_Report_2013_Financial Sector Legislative Reforms Commission_Volume 1 Draft Law_2013_Chairman-B. N. Srikrishna.pdf|Vol.1]] & [[RBI_Report_2013_Financial Sector Legislative Reforms Commission_Volume 2 Draft Law_2013_Chairman-B. N. Srikrishna.pdf|Vol.2]]) of the Financial Sector Legislative Reforms Commission==. Chairman: B. N. Srikrishna. 5. RBI. (2014, January 21). ==Report of the Expert Committee to Revise and Strengthen the Monetary Policy Framework==. Chairman: Dr. Urjit R. Patel, Deputy Governor, Reserve Bank of India. [Link](https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/ECOMRF210114_F.pdf) 6. RBI. (2020). ==Functions and working of the Reserve Bank of India==. [Link](https://rbi.org.in/scripts/PublicationsView.aspx?Id=18086#F18). 7. RBI. (May, 2021). Box X.1-Central Bank Communication during Pandemic. Annual Report-2021. [pdf](RBI_Annual%20Report_2021.pdf#page=227&selection=76,0,76,42) 8. RBI. (May 29, 2024). ==Monetary Policy Communication in India== in the Annual Report 2024. [[RBI_Annual Report_2024.pdf#page=110&selection=142,0,142,37|Link]] 9. RBI. (Nov 20, 2024). Dynamic Landscape of Monetary Policy Communication in India. [pdf](RBI_Monthly_Bulletin_Article_20241120_Dynamic%20Landscape%20of%20Monetary%20Policy%20Communication%20in%20India.pdf) 10. RBI. (January 2025). ==Communication Policy of RBI==. Retrieved from this [link](https://rbi.org.in/Scripts/CommunicationPolicy.aspx) on Jan, 2026. ### Others 1. Planning Commission, Govt. of India. (2008, September 12). [Report](RBI_Report:Committee_20080912_Committee%20on%20Financial%20Sector%20Reforms_2008_A%20Hundred%20Small%20Steps_Chairman-Raghuram%20Rajan.pdf) of the Committee on Financial Sector Reforms. Chairman: Dr. Raghuram G. Rajan [^1]: Chapter III: [Report](https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=743) of the Expert Committee to Revise and Strengthen the Monetary Policy Framework [^2]: Rangarajan, C. (2020, February 21). _[The new monetary policy framework – What it means](https://www.nipfp.org.in/media/medialibrary/2020/02/WP_297_2020.pdf)_ (NIPP Working Paper No. 297). National Institute of Public Policy. [^3]: 1]: Rajagopalan, S. (2023, April 13). _Chakravarthi Rangarajan on monetary policy after liberalization_ [Interview]. Mercatus Center. [Link](https://www.mercatus.org/ideasofindia/chakravarthi-rangarajan-monetary-policy-after-liberalization) [^4]: Michael Debabrata Patra. (Nov 20, 2017) .==One Year in the Life of India's Monetary Policy Committee==. (Dr. Michael Debabrata Patra, Executive Director - October 27, 2017 - at the Jaipur Regional Office of the Reserve Bank of India. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1050) [^5]: Deepak Mohanty. Mar 02, 2010 .==Monetary Policy Framework in India: Experience with Multiple-Indicators Approach.== (Speech by Shri Deepak Mohanty, Executive Director, Reserve Bank of India, delivered at the Conference of the Orissa Economic Association in Baripada, Orissa, on 21st February 2010. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=481)