Monetary policy committee under "active" discussion: RBI deputy

New Delhi: The RBI is holding "active" discussions with the government on the formation of a monetary policy committee that would decide interest rates, a deputy governor of the bank, S.S. Mundra, said on Wednesday.

The government plans to change the Reserve Bank of India Act before the end of this fiscal year that ends next April, so that it could set up a new committee to direct the country`s monetary policy, the then finance secretary Rajiv Mehrishi had told Reuters last month.