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Section 45ZI of the RBI Act, 1934 prescribes the quorum for an MPC meeting and a particular condition on who must be present. What is the quorum requirement?
Answer & Solution
Correct answer: A.
1. Section 45ZI fixes the quorum at four Members.
2. At least one of those four must be the Governor.
3. In the Governor's absence, the Deputy Governor who is a Member of the MPC suffices.
4. The other figures and PM-office references are not the statutory rule.
_Source: ICSI CS Executive Paper 7 (Economic, Business and Commercial Laws) — Lesson 1: Reserve Bank of India Act, 1934, pp. 8-21._
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