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    Question

    Recently RBI has conducted the monetary policy, it has

    been given statutory status in the year ____
    A 2014 Correct Answer Incorrect Answer
    B 2015 Correct Answer Incorrect Answer
    C 2016 Correct Answer Incorrect Answer
    D 2017 Correct Answer Incorrect Answer
    E 2018 Correct Answer Incorrect Answer

    Solution

    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 Bank’s 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

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