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Each Member of the Monetary Policy Committee has one vote, but a specific rule applies when an equality of votes occurs. Who has the second or casting vote in the event of an equality?
Answer & Solution
Correct answer: B.
1. Section 45ZI states each MPC Member has one vote.
2. Decisions are taken by majority of Members present and voting.
3. In the event of an equality of votes, the Governor has a second or casting vote.
4. The Finance Minister, Deputy Governor and CG appointees do not have a casting vote under Section 45ZI.
_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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