Consider the following statements regarding the Monetary Policy Committee (MPC): 

i. The RBI Governor has to vote both in the first instance and in case of a tie.

ii. The Monetary Policy Committee meets three times a year.

Choose the correct answer:

 Statement i: Incorrect According to the Reserve Bank of India (RBI) Act, the Governor (who acts as the ex-officio Chairperson of the MPC) votes like any other member in the first instance. However, they only exercise a second vote—known as a casting vote—in the event of a tie. They do not "have to" vote twice as a rule; the second vote is a tie-breaker.Statement ii: IncorrectThe law requires the Monetary Policy Committee to meet at least four times a year. In practice, the MPC usually meets bi-monthly (six times a year) to review the inflation target and decide on interest rates (Repo Rate).Summary Table: MPC Composition & RulesFeatureDetailsTotal Members6 (3 from RBI, 3 nominated by Govt. of India)ChairpersonGovernor of the RBIQuorumAt least 4 members must be presentObjectiveMaintain price stability while keeping growth in mindVotingEach member has one vote; Governor has a casting vote in ties