Question

Recently RBI has conducted the monetary policy, it has been given statutory status in the year ____

Q: Answer-Recently RBI has conducted the monetary policy, it has been given statutory status in the year ____

The Monetary Policy Committee MPC constituted by the Central Government under Section 45ZB determines the policy interest rate required to achieve the inflation target. The Reserve Bankrsquos Monetary Policy Department MPD assists the MPC in formulating the monetary policy. Views of key stakeholders in the economy, and analytical work of the Reserve Bank contribute to the process for arriving at the decision on the policy repo rate. The Monetary Policy Committee is a statutory body. The Reserve Bank of India Act 1934 was amended by the Finance Act of 2016. The monetary policy committee has 6 members, headed by the RBI governor