Which of the following statements regarding the Monetary Policy Committee (MP

The MPC framework was inserted by the Finance Act, 2016. Under Section 45ZB, the MPC comprises six members: the Governor (ex officio Chairperson), the Deputy Governor in charge of monetary policy, one officer of the Bank nominated by the Central Board, and three members appointed by the Central Government — not by the RBI's Central Board. Hence option (e) is incorrect and is the answer. The MPC determines the policy repo rate to achieve the inflation target, and in case of a tie the Governor exercises a casting vote under Section 45ZI. The trap lies in attributing the appointment of the three external members to the RBI rather than the Government.