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MUMBAI: Aiming to review the macroeconomic and monetary developments in the country, the Reserve Bank of India has reconstituted the Technical Advisory Committee (TAC) on monetary policy with effect from July 1, 2009.

The tenure of the committee will be for two years up to June 30, 2011, the central bank said in a release. The panel will review the monetary developments in the country keeping in mind the macroeconomic scenario and will advise the banking regulator on the stance of monetary policy due on July 28.

The tenure of the committee constituted on April 2, 2007, is up to June 30, 2009. The committee on monetary policy is to periodically advise the Reserve Bank on the stance of monetary policy in the light of macroeconomic and monetary developments.

The TAC is an outcome of the central bank's growing emphasis on strengthening the process of monetary policy formulation. The panel will be headed by RBI governor Dr D Subbarao and will have deputy governors S Gopinath, Usha Thorat and K C Chakrabarty as its members. It would meet at least once in a quarter, the RBI said. - PTI

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