Question
Consider the following statement about Monetary Policy
Committee (MPC): 1. The first such MPC was constituted on September 29, 2016. 2. Governor of the Reserve Bank of India acts as the Chairperson of MPC. 3. Section 45ZB of the amended RBI Act, 1934 provides seven-member monetary policy committee (MPC) Which of the above statement is/are not correct?Solution
Section 45ZB of the amended RBI Act, 1934 provides for an empowered six-member monetary policy committee (MPC) to be constituted by the Central Government by notification in the Official Gazette. The first such MPC was constituted on September 29, 2016.
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