The Monetary Policy Committee: a six-member body under Section 45ZB of the RBI Act, with a quorum of four members

Background

The Reserve Bank of India, Act,1934 was amended in 2016 to provide a statutory basis for the implementation of the flexible inflation targeting framework.
Section 45ZB of the amended Act provides for an empowered six-member Monetary Policy Committee to be constituted by the Central Government by notification in the Official Gazette.
Three of the six come from the Reserve Bank: the Governor as ex officio Chairperson, the Deputy Governor in charge of monetary policy, and one officer of the Reserve Bank nominated by the Central Board.
The remaining three are appointed members, who hold office for a period of four years or until further orders, whichever is earlier.
The Committee determines the policy repo rate required to achieve the inflation target.
It is required to meet at least four times in a year, and the quorum for a meeting is four members.
Each member has one vote, and in the event of an equality of votes the Governor has a second or casting vote.
Each member writes a statement specifying the reasons for voting in favour of, or against, the proposed resolution.