Chapter IIIF — Monetary Policy

Section 45ZM: Monetary Policy Report

Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026

Section 45ZM requires RBI to publish a Monetary Policy Report at least once every six months explaining inflation sources, forecasts and the monetary-policy strategy for achieving the target, subject to the prescribed content.

Operative provisionOfficial sources mappedProvision-specific decode

Finin2min - Section 45ZM in 2 minutes

Legal effectSection 45ZM requires RBI to publish a Monetary Policy Report at least once every six months explaining inflation sources, forecasts and the monetary-policy strategy for achieving the target, subject to the prescribed content.

Operative ruleThe report is a statutory accountability document, not merely a discretionary research publication.

Connected lawRead it with Section 45ZA's notified target and Section 45ZN's failure/accountability mechanism.

File evidenceMaintain report publication dates, forecast horizon, assumptions and the operative inflation target used.

Statutory structure and clause / subsection decode

This map separates the operative limbs of this provision so thresholds, powers, conditions and exceptions are not collapsed into a single summary.

Scope

Operative limb

The report is a statutory accountability document, not merely a discretionary research publication.

Legal boundary

Read it with Section 45ZA's notified target and Section 45ZN's failure/accountability mechanism.

Worked practical example

Facts. If RBI publishes many monthly/quarterly research reports, those do not replace the statutory half-yearly Monetary Policy Report required by Section 45ZM.

Compliance points and common mistakes

Do not decide the issue from the heading alone. Map the facts to the operative words of Section 45ZM and to each relevant subsection, clause, proviso or explanation shown above.
Keep the statutory question separate from the operational overlay. Read it with Section 45ZA's notified target and Section 45ZN's failure/accountability mechanism.
Do not convert an exception, exemption or discretionary RBI/Government power into an automatic entitlement. Record the authority, conditions and effective date.
Where the provision is historical, omitted or repealed, state that status prominently and do not present it as a current compliance obligation.

Connected provisions and instruments

RBI Monetary Policy Committee and Monetary Policy Process Regulations, 2016Operating regulations for MPC process, including scheduling, notice and process.

Questions and answers

What is the purpose of Section 45ZM?

Monetary Policy Report: Section 45ZM requires RBI to publish a Monetary Policy Report at least once every six months explaining inflation sources, forecasts and the monetary-policy strategy for achieving the target, subject to the prescribed content.

Which statutory limb should be checked first?

Scope - Section 45ZM requires RBI to publish a Monetary Policy Report at least once every six months explaining inflation sources, forecasts and the monetary-policy strategy for achieving the target, subject to the prescribed content.

What is the next legal boundary?

Operative limb - The report is a statutory accountability document, not merely a discretionary research publication.

What record should support the conclusion?

Section 45ZM file evidence: Maintain report publication dates, forecast horizon, assumptions and the operative inflation target used.

Primary sources

Source control for Section 45ZM: use the official consolidated RBI Act for the statutory text and footnotes, then separately reconcile any post-Finance Act 2022 amendment, commencement notification or RBI instrument relevant to the event date.