Which of the following statements are correct regarding the “Monetary Policy Committee” (MPC)?
1. The Monetary Policy Committee is a body under the Reserve Bank of India
2. The MPC determines the policy repo rate required to achieve the inflation target.
3. The MPC is required to meet at least four times in a year. The quorum for the meeting of the MPC is four members.
4. Each member of the MPC has one vote, and in the event of an equality of votes, the Governor of RBI has a second or casting vote.