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      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?
      A 1 only Correct Answer Incorrect Answer
      B 2 only Correct Answer Incorrect Answer
      C 3 only Correct Answer Incorrect Answer
      D 1 and 2 only Correct Answer Incorrect Answer
      E 1 and 3 only Correct Answer Incorrect Answer

      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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