The proposed Monetary Policy Committee (MPC) that would benchmark interest rates and target inflation is likely to be set up soon. The Finance Ministry plans to select independent members for it. "Members from the Reserve Bank are known as that is already mentioned in the Act itself. You have Reserve Bank of India Governor, Deputy Governor, and Executive Director. Now, from the government side three independent members are to be nominated," Economic Affairs Secretary Shaktikanta Das said on Tuesday. He also tweeted that the process to constitute the Monetary Policy Committee will be initiated after passage of the Finance Bill and its notification as an Act. The Bill, which has already been cleared by the Lok Sabha, is likely to be passed by the Rajya Sabha this week. The appointment of the government nominees to the MPC will be through a search-cum-selection committee headed by the Cabinet Secretary, with Reserve Bank of India Governor, Economic Affairs Secretary and three experts in the fields of economics, banking, finance or monetary policy as its members.     Monetary Policy Committee, Finance Ministry,  You have Reserve Bank of India Governor, Deputy Governor, and Executive Director. Now, from the government side three independent members are to be nominated," Economic Affairs Secretary Shaktikanta Das said on Tuesday. He also tweeted that the process to constitute the Monetary Policy Committee will be initiated after passage of the Finance Bill and its notification as an Act. The Bill, which has already been cleared by the Lok Sabha, is likely to be passed by the Rajya Sabha this week. The appointment of the government nominees to the MPC will be through a search-cum-selection committee headed by the Cabinet Secretary, with Reserve Bank of India Governor, Economic Affairs Secretary and three experts in the fields of economics, banking, finance or monetary policy as its members.