The government plans to change the Reserve Bank of India Act before the end of the fiscal year so it can set up a new committee to direct the country's monetary policy, retiring Finance Secretary Rajiv Mehrishi told Reuters.
The committee would be comprised of appointees from the government, the Reserve Bank of India, and independent members appointed by the government, but any changes have to be approved by the parliament, which has blocked other government bills.

Source - http://economictimes.indiatimes.com