What is the Meghalayan Age?

The time we are living in right now has been named the Meghalayan age.

The time we are living in right now has been named the Meghalayan age. But why has the current era of time been named after a state in India? How do we decide when a new chapter in the geologic history of time has begun and ended, and why do geologists cut time into different slices in the first place?