Question
Download Solution PDFWhich of the following Acts was amended to provide a statutory basis for the implementation of the flexible inflation targeting (FIT) framework?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDF- Reserve Bank of India (RBI) Act, 1934 was amended to provide a statutory basis for the implementation of the flexible inflation targeting (FIT) framework.
- The Reserve Bank of India was established under this Act.
- It provides the framework and guidelines of the banking system in India.
- FIT (Flexible Inflation Targeting) is a monetary policy strategy. It is implemented by the RBI in order to maintain the price level within a certain range (hence called flexible).
- Inflation targeting provides more stability and transparency in deciding monetary policy.
- RBI Governor - Shantikanta Das
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