Reserve Bank of India
The Reserve Bank of India (RBI) is the central banking institution in India responsible for formulating and implementing the country's monetary policy. It is an autonomous body that was established in 1935 and plays a crucial role in controlling inflation, regulating the financial system, and managing the exchange rate of the Indian rupee.

Functions of RBI in Monetary Policy
- Formulating and implementing monetary policy to achieve price stability and economic growth.
- Regulating the money supply in the economy through various tools like repo rate, reverse repo rate, cash reserve ratio, etc.
- Managing foreign exchange reserves to stabilize the currency and promote external trade.
- Supervising and regulating the banking sector to maintain financial stability.

Role of RBI in Announcing Monetary Policy
The RBI's Monetary Policy Committee (MPC) meets periodically to review the economic situation and decide on the appropriate monetary policy stance. The MPC considers factors like inflation, growth projections, global economic conditions, and other relevant data before announcing its decisions.

Announcement of Monetary Policy
Once the MPC reaches a consensus on the monetary policy stance, the RBI Governor announces the decisions regarding key policy rates like the repo rate, reverse repo rate, and liquidity measures. These announcements have a significant impact on financial markets, interest rates, and overall economic activity in the country.
In conclusion, the Reserve Bank of India plays a crucial role in formulating and announcing monetary policy in India to ensure price stability, economic growth, and financial stability.