"Monetary Policy Committee (MPC) constitution under the Reserve Bank of India Act, 1934, notified," the finance ministry said.
Stage is set for a six- member panel taking over job of setting interest rate after the government notified the new Monetary Policy Committee that will hold its first review on Tuesday.
The MPC, in which three members are from the RBI and three others from the government, will target to keep inflation at 4 percent with an upper and lower tolerance level of 2 percent.
The government, last week, had named three academics to join RBI Governor Urjit Patel, his deputy in charge of monetary policy R Gandhi and central bank executive director Michael Patra on the MPC.
