Exams › SSC CGL (Prelims) › GK

Which of the following Acts was amended to provide a statutory basis for the implementation of the flexible inflation targeting (FIT) framework?

1. Reserve Bank of India (RBI) Act, 1934
2. The Industrial Finance Corporation of India Act, 1948
3. Deposit Insurance and Credit Guarantee Corporation Act, 1961
4. Banking Regulation Act, 1949

Correct answer: Reserve Bank of India (RBI) Act, 1934

Solution

The flexible inflation targeting framework in India was given statutory backing through an amendment to the RBI Act, 1934. This amendment established the legal basis for the Monetary Policy Committee and inflation target setting.

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