Home › CS Executive › ebcl › Reserve Bank of India Act, 1934 › Section 45ZI of the RBI Act, 1934 prescribes a m…
Section 45ZI of the RBI Act, 1934 prescribes a minimum frequency for meetings of the Monetary Policy Committee. What is the statutory minimum number of MPC meetings to be held in a year?
Answer & Solution
Correct answer: D.
1. Section 45ZI lays down the meeting framework of the MPC.
2. The Bank shall organise at least four meetings of the MPC in a year.
3. The meeting schedule must be published at least one week before the first meeting of the year.
4. The other figures are not the statutory minimum.
_Source: ICSI CS Executive Paper 7 (Economic, Business and Commercial Laws) — Lesson 1: Reserve Bank of India Act, 1934, pp. 8-21._
Related questions
Section 56 of the Banking Regulation Act, 1949 plays a specific bridging role with respectAmong the instruments of monetary policy listed in the lesson, the Market Stabilisation ScSection 22 of the BR Act, 1949 confers a specific licensing power on the RBI in relation tThe lesson notes that the BR Act, 1949 contains no specific provision for forming a formalSection 45U(a) of the RBI Act, 1934 defines "derivative" for the purposes of RBI regulatioSection 35-A of the Banking Regulation Act, 1949, cited in the lesson, gives the RBI a widSection 29 of the RBI Act, 1934 confers a specific tax exemption on the Reserve Bank in reThe lesson cites the Paper Currency Act, 1861 as a key historical milestone in note-issue.