June 27, 2016 / 10:36 AM / 2 years ago

India initiates process to set up monetary policy committee

NEW DELHI (Reuters) - The Indian government on Monday kicked off the process of setting up a new monetary policy committee after it notified key amendments to a law governing the Reserve Bank of India.

Under the changes, passed by parliament last month, a six-member monetary policy council will set interest rates by majority, with a casting vote for the central bank governor in the event of a tie.

Reporting by Rajesh Kumar Singh; Editing by Douglas Busvine

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