The MPC has three members from the RBI, including the Governor, and three external members appointed by the government. Each member votes, and the Governor has a casting vote in a tie. The committee meets at least four times a year, in practice about every two months.
Its goal is to keep CPI inflation at the target set by the government: 4%, within a band of 2% to 6%, for the five years to March 2026. The target is reviewed every five years.
