Reserve Bank of India Act, 1934 · Chapter IIIF: Monetary Policy
Section 45ZN: Failure to maintain inflation target
Where the Bank fails to meet the inflation target, it shall set out in a report to the Central Government—
(a) the reasons for failure to achieve the inflation target;
(b) remedial actions proposed to be taken by the Bank; and
(c) an estimate of the time-period within which the inflation target shall be achieved pursuant to timely implementation of proposed remedial actions.
Explanation.—For the purposes of this section, the factors that constitute failure shall be such as may be notified by the Central Government in the Official Gazette, within three months from the date of the commencement of Part I of Chapter XII of the Finance Act, 2016.]
Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 45ZN
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