In which of the following years did the Government of India set up the Monetary Policy Committee?

2016

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.