¹[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.]