MONETARY POLICY COMMITTEE
MONETARY POLICY COMMITTEE
IN NEWS
Government notifies reconstitution of Monetary Policy Committee (MPC) under the Reserve Bank of India Act, 1934.
ABOUT MPC
- Constituted under Section 45ZB of the amended (in 2016) RBI Act, 1934.
- Under this, the central government is empowered to constituted an MPC.
- Its main objective is to maintain price stability while keeping in mind the objective of growth.
- It is compose of 6 members and RBI governor as an ex-officio chairperson, 3 members nominated by the central government for a period of 4 years.
- Voting – Each MPC member has one vote, in case of tie, the governor casts the deciding vote.