❖ The Reserve Bank of India has reconstituted the Monetary Policy Committee (MPC) as per section 45ZB of the Reserve Bank of India Act, 1934. 

❖ As per the provisions of the RBI Act, the Monetary Policy Committee (MPC) consists of six members: three Members from RBI and three are appointed by the Central Government.

❖ The 3 Members appointed by the Central Government shall hold office for a period of four years.