With reference to the Monetary Policy Committee, consider the following statements:1. Union Finance Minister is the Chairperson.2. Decisions of the MPCare taken on the basis of majority, with Governor having the casting vote in case of a tie.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?

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With reference to the Monetary Policy Committee, consider the following statements:

1. Union Finance Minister is the Chairperson.

2. Decisions of the MPC are taken on the basis of majority, with Governor having the casting vote in case of a tie.

Which of the statements given above is/are correct?

a)
1 only
b)
2 only
c)
Both 1 and 2
d)
Neither 1 nor 2

Correct answer is option 'B'. Can you explain this answer?

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Daily Current Affairs MCQ- October 3, 2022

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With reference to the Monetary Policy Committee, consider the followin...

The Reserve Bank of India’s Monetary Policy Committee (MPC) recently raised the policy repo rate by 50 basis points (bps) to 5.9%.

It raised the repo rate (or the rate at which it lends money to the banking system) by 50 basis points (or 0.5 percentage points).
It has cut India’s GDP growth rate for the current financial year (2022-23) from 7.2% to 7%.
The MPC retained the retail inflation projection for the current fiscal year at 6.7%.

Monetary Policy Committee

The Monetary Policy Committee of India is responsible for fixing the policy interest rate, to achieve the objectives of monetary policy.
Composition:
- Three officials of the Reserve Bank of India, with Governor of RBI as Chairperson, ex officio
- Three external members appointed by the Government of India
- The external members hold office for a period of four years.
Decisions of the MPC are taken on the basis of majority, with Governor having the casting vote in case of a tie.
The MPC meets least 4 times a year and it publishes its decisions after each such meeting.

Hence only statement 2 is correct.

Answered by Notes Wala · View profile

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With reference to the Monetary Policy Committee, consider the following statements:1. Union Finance Minister is the Chairperson.2. Decisions of the MPCare taken on the basis of majority, with Governor having the casting vote in case of a tie.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?

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