What were the major events that took place at RBI in 2016?
The RBI witnessed major events in 2016, including Governor Raghuram Rajan's exit, appointment of Urjit Patel and demonetisation of ₹500 and ₹1,000 notes. A six-member Monetary Policy Committee containing government representatives was formed in October to stabilise prices and target inflation. Demonetisation of old notes is still considered as one of the most important decisions taken in 2016.