CURRENT AFFAIRS

Detailed explanation-1: -The composition of the current monetary policy committee is as follows: Governor of the Reserve Bank of India – Chairperson, ex officio - Shaktikanta Das. Deputy Governor of the Bank in charge of monetary policy – Michael Debrata Patra.

Detailed explanation-2: -RBI Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) started its three-day meeting on Monday amid expectations of a smaller 25 basis points rate increase or a pause on the rate hiking spree that started in May last year to check inflation.

Detailed explanation-3: -UPSC Mains The Governor of Reserve Bank of India is the chairperson ex officio of the committee.

Detailed explanation-4: -Under the Reserve Bank of India, Act, 1934 (RBI Act, 1934) (as amended in 2016), RBI is entrusted with the responsibility of conducting monetary policy in India with the primary objective of maintaining price stability while keeping in mind the objective of growth.