Who chairs the Monetary Policy Committee in India?

Question

Question

This question was previously asked in

SSC MTS Official Paper (Held On: 14 Jun, 2023 Shift 3)

Answer 1

The correct answer is Governor, Reserve Bank of India.Key Points

The Monetary Policy Committee (MPC) in India is responsible for fixing the benchmark interest rate and maintaining price stability in the economy.
The MPC consists of six members, out of which three are from the Reserve Bank of India (RBI) and three are appointed by the government.
The Governor of RBI chairs the MPC and has the deciding vote in case of a tie.
The other two members from RBI are the Deputy Governor and an Executive Director.
The three external members are appointed by the government on the recommendation of a search-cum-selection committee.

Additional Information

Comptroller and Auditor General of India is responsible for auditing the accounts of the government and ensuring transparency and accountability in financial transactions.
One of the members from RBI on the MPC is the Deputy Governor. However, the Deputy Governor is not the chairperson of the MPC.
The Finance Minister is responsible for presenting the annual budget and formulating economic policies in consultation with the RBI.