In the context of the Monetary Policy Committee (MPC), Consider the following:

It has six members, with the Finance Minister as its chairman.

It is responsible for fixing the benchmark policy rate (repo rate) to control inflation within the target range.

The MPC makes decisions by majority vote, and its decisions are binding on the RBI.

Which of the above is/are directly related to central banking and economic policy?

Question

It has six members, with the Finance Minister as its chairman. Incorrect: MPC will have six members: the RBI Governor (Chairperson), the RBI Deputy Governor in charge of monetary policy, one official nominated by the RBI Board, and the remaining three members would represent the Government of India. The external members hold office for a period of four years.
It is responsible for fixing the benchmark policy rate (repo rate) to control inflation within the target range. Correct: The MPC is entrusted with the task of fixing the benchmark policy rate (repo rate) required to contain inflation within the specified target level.
The MPC makes decisions by majority vote, and its decisions are binding on the RBI. Correct: The MPC takes decisions based on a majority vote.In case of a tie, the RBI governor will have the second or casting vote. The decisionof the MPC would be binding on the RBI.

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It has six members, with the Finance Minister as its chairman. Incorrect: MPC will have six members: the RBI Governor (Chairperson), the RBI Deputy Governor in charge of monetary policy, one official nominated by the RBI Board, and the remaining three members would represent the Government of India. The external members hold office for a period of four years.
It is responsible for fixing the benchmark policy rate (repo rate) to control inflation within the target range. Correct: The MPC is entrusted with the task of fixing the benchmark policy rate (repo rate) required to contain inflation within the specified target level.
The MPC makes decisions by majority vote, and its decisions are binding on the RBI. Correct: The MPC takes decisions based on a majority vote.In case of a tie, the RBI governor will have the second or casting vote. The decisionof the MPC would be binding on the RBI.

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