The Monetary Policy Committee (MPC) was established to fix the benchmark policy interest rate (repo rate) to achieve the inflation target set by the government.
Which of the following statements is/are correct regarding the Monetary Policy Committee (MPC) ? 1. It decides the RBI's benchmark interest rates. 2. It is a 12-member body including the Governor of RBI and is reconstituted every year. 3. It functions under the chairmanship of the Union Finance Minister. Select the correct answer using the code given below :
Asked in UPSC IAS 2017 · Topic: Money & Banking (Monetary Policy Committee (MPC): Structure, Mandate, and Functioning)
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