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The Reserve Bank of India Act, 1934 (RBI Act) was amended by the Finance Act, 2016, to provide a statutory and institutionalised framework for a Monetary Policy Committee, for maintaining price stability, while keeping in mind the objective of growth. The Monetary Policy Committee is entrusted with the task of fixing the benchmark policy rate ...
The Financial Markets Committee (FMC) meets daily to review the liquidity conditions so as to ensure that the operating target of monetary policy (weighted average lending rate) is kept close to the policy repo rate. Monetary Policy Committee came into force on 27 June 2016. [2] Suggestions for setting up a monetary policy committee is not new ...
The preamble of the Reserve Bank of India describes the basic functions of the reserve bank as: [13]...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; to have a modern monetary policy framework to meet the challenge of an increasingly complex ...
Liquidity adjustment facility (LAF) is a monetary policy tool which allows banks to borrow money through repurchase agreements (repos) that is primarily used by the Reserve Bank of India (RBI). [1] The LAF is used to aid banks in adjusting the day to day mismatches in liquidity.
Monetary policy is the policy adopted by the monetary authority of a nation to affect monetary and other financial conditions to accomplish broader objectives like high employment and price stability (normally interpreted as a low and stable rate of inflation).
Thus India's central bank, the Reserve Bank of India (RBI), has to make policies and use instruments accordingly. The RBI uses Open Market Operations (OMO) along with other monetary policy tools such as repo rate, cash reserve ratio and statutory liquidity ratio to adjust the quantum and price of money in the system.
Switzerland's foreign exchange reserves are an important aspect of its monetary policy and economic stability. These reserves are primarily managed by the Swiss National Bank (SNB) and consist of various assets, including foreign currencies, gold, and other financial instruments. As of October 2024, Switzerland's foreign exchange reserves are ...
Patra is a 1985 batch RBI Grade B officer. [3] [4] Before his appointment as deputy governor, Patra served as the executive director of the monetary policy department of RBI—where he moved to in 2006—and as such, was an internal member of the powerful Monetary Policy Committee.