In a historic monetary policy overhaul, the finance ministry and the Reserve Bank of India (RBI) have agreed to put in place a monetary policy framework to focus on flexible inflation targeting, something the central bank has been pressing for.
The Consumer Price Index (CPI)-based inflation targets — below six per cent by January 2016 and four per cent from 2016-17, with a band of plus/minus two per cent — are in line with the recommendations of a panel headed by RBI Deputy Governor Urjit Patel.

Source - http://www.business-standard.com