Question
Consider the following statements regarding the
Monetary Policy Committee (MPC): I. It is constituted under the Banking Regulation Act,1949. II. It consists of 6 members. III. Union Finance Minister acts as its ex officio chairperson. Which of the statements given above is/are correct?Solution
Under the RBI, Act,1934 (RBI Act,1934) (as amended in 2016), RBI is entrusted with the responsibility of conducting monetary policy in India with the primary objective of maintaining price stability while keeping in mind the objective of growth. RBI Act, 1934 empowers the Central Government to constitute a six-member Monetary Policy Committee (MPC). RBI Governor acts as its ex-officio chairperson.
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