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India initiates process to set up monetary policy committee

India's Finance Minister Arun Jaitley (L) and Reserve Bank of India (RBI) Governor Raghuram Rajan attend a convocation ceremony for students at a university in Mumbai January 9, 2015. REUTERS/Shailesh Andrade/Files

NEW DELHI (Reuters) - The government on Monday kicked off the process of setting up a new monetary policy committee after it notified key amendments to a law governing the Reserve Bank of India. Under the changes, passed by parliament last month, a six-member monetary policy council will set interest rates by majority, with a casting vote for the central bank governor in the event of a tie. (Reporting by Rajesh Kumar Singh; Editing by Douglas Busvine)