The Monetary Policy Committee (MPC) was constituted by the Central Government under Section 45ZB of the Reserve Bank of India Act, 1934. It is a six-member body comprising three members from the Reserve Bank of India (including the Governor as ex officio Chairperson) and three members appointed by the Central Government. According to Section 45ZC of the RBI Act, the quorum for the meeting of the Monetary Policy Committee shall be four members. Decisions are taken by a majority vote of the members present and voting.
An empowered six-member Monetary Policy Committee (MPC) was constituted by the Central Government w.e.f. 5 Oct 2020. The quorum for the meeting of the MPC is 1. Two Members 2. Three Members 3. Four Members 4. Five Members
Asked in GPSC Prelims CSP 2 2023 · Topic: Money & Banking (Monetary Policy Committee (MPC): Structure, Mandate, and Functioning)
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