In which of the following years did the Government of India set up the Monetary Policy Committee?
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → 2016
The Government of India set up the Monetary Policy Committee (MPC) in 2016. The Reserve Bank of India Act, 1934, was amended by the Finance Act (India), 2016 to establish the MPC. This brought more transparency and accountability to the process of fixing India's monetary policy.