Monetary policy is an instrument by which central bank controls the supply of money in the economy by its control over the interest rates in order to maintain price stability and achieve high economic growth. In context of India Reserve Bank of India (RBI) is the highest authority which uses this policy in order to maintain the price stability in the economy.
On June 27, 2016, the Government amended the RBI Act to hand over the job of monetary policy-making in India to a newly constituted Monetary Policy Committee (MPC).
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