However, the Governor of the Reserve Bank is the ultimate authority to take decisions on monetary policy matters. There are several other standing and ad hoc committees or groups which play a critical role with regard to policy advice. An interdepartmental Financial Markets Committee (FMC) focuses on day-to-day market operations and tactics on an ongoing basis.
The whole range of consultations and technical analysis enable the Governor to make the best possible decision under the circumstances besides enhancing the transparency of the policymaking process. In addition, the Governor and the top management of the bank set out the rationale of policy decisions, through quarterly policy statements, mid-quarter reviews, press interviews and speeches.