0The new MPC is to be a six member panel that is expected to bring "VALUE and TRANSPARENCY" to rate setting decisions. It will feature three members from the RBI- the Governor, a Deputy Governor , and another official- and three independent members to be selected by Government.
A search commitee (Another commitee) will recommend three external members, experts in the field of economics , banking or finance, for the government appointees. The MPC will meet four times a year to decide on monetary policy by a majority vote. And if there's a tie between the 'yes' or 'no', the RBI Governor gets the deciding vote.
