RBI to fix inflation target - finance secretary

NEW DELHI (Reuters) - The Reserve Bank of India will be responsible for setting its target for consumer price inflation under a monetary policy pact with the finance ministry, Finance Secretary Rajiv Mehrishri said on Monday.

Under the pact, the RBI would seek to cap consumer price inflation at 6 percent by January 2016. It would then adopt a symmetrical target of 4 percent, at the centre of a range of 2 to 6 percent, from 2016/17.

(Reporting by Manoj Kumar; Writing by Douglas Busvine; Editing by Krishna N. Das)