Question
How many members does the Monetary Policy Committee consist of?
Solution
The Monetary Policy Committee consists of six members under Section 45ZB of the RBI Act. Three members are from the Reserve Bank: the Governor (chairperson), a Deputy Governor in charge of monetary policy, and an officer of the bank nominated by the Central Board. The other three are appointed by the Central Government. The MPC determines the policy rate required to achieve the inflation target, with the Governor casting the deciding vote in case of a tie.
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