Q. Consider the following statements regarding Monetary Policy Committee (MPC):
1. The Reserve Bank’s Monetary Policy Department assists the MPC in formulating the monetary policy.
2. Each member of the MPC has one vote, and in the event of an equality of votes, the Governor has a second or casting vote.
Which of the above statements is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C