THE RECOMMENDATIONS

3.9% headline CPI inflation averaged during October 2016 to March 2020

3.8-4.3% Inflation fell to during the period from 9% earlier

2.0% RBI sees as appropriate lower tolerance bound

● The report said the MPC should be deemed to have failed to meet the inflation mandate if average CPI inflation is outside the 2-6% range for four consecutive quarters instead of the current three quarters

● It suggested staggering terms for members, with external members appointed for different tenures as per the global practice