Section 45ZB. Constitution of Monetary Policy Committee

45ZB. Constitution of Monetary Policy Committee.— (1) The Central Government may, by notification in the Official Gazette, constitute a Committee to be called the Monetary Policy Committee of the Bank. - (2) The Monetary Policy Committee shall consist of the following Members, namely: — (a) the Governor of the Bank — Chairperson, ex officio ; (b) Deputy Governor of the Bank, in charge of Monetary Policy — Member, ex officio ; (c) one officer of the Bank to be nominated by the Central Board — Member, ex officio ; and (d) three persons to be appointed by the Central Government — Members. (3) The Monetary Policy Committee shall determine the Policy Rate required to achieve the inflation target. (4) The decision of the Monetary Policy Committee shall be binding on the Bank.