As per the Reserve Bank of India Act,1934, the responsibility of monetary policy in India was given to the Reserve Bank of India (RBI). The Monetary Policy Committee (MPC) will play a vital role in framing the monetary policy. You can read about The Reserve Bank of India: Functions and Composition in the given link.

Once in every 6 months, a monetary policy report is published by the RBI explaining the forecasting of inflation for 6-18 months ahead and also explains the sources of inflation.

Further readings:

1. Non Performing Assets (NPA) – Facts for UPSC GS-III
2. Monetary Policy – Objectives, Roles and Instruments