Chapter IIIF — Monetary Policy

Section 45ZI: Meetings of Monetary Policy Committee

Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026

Section 45ZI governs MPC meetings, including a minimum of four meetings each year, scheduling/publication requirements, quorum and voting.

Operative provisionOfficial sources mappedProvision-specific decode

Finin2min - Section 45ZI in 2 minutes

Legal effectSection 45ZI governs MPC meetings, including a minimum of four meetings each year, scheduling/publication requirements, quorum and voting.

Operative ruleThe quorum is four members, at least one of whom must be the Governor or, in his absence, the Deputy Governor who is a Committee member; decisions are by majority of members present and voting, with the Governor having a casting vote in the event of equality.

Connected lawThe meeting process must be distinguished from the later publication duties in Sections 45ZK and 45ZL.

File evidenceRetain meeting calendar, attendance/quorum, individual votes, resolution and any casting-vote circumstance.

Statutory structure and clause / subsection decode

This map separates the operative limbs of this provision so thresholds, powers, conditions and exceptions are not collapsed into a single summary.

Rule 1

The quorum is four members, at least one of whom must be the Governor or, in his absence, the Deputy Governor who is a Committee member

Rule 2

decisions are by majority of members present and voting, with the Governor having a casting vote in the event of equality.

Connected rule

The meeting process must be distinguished from the later publication duties in Sections 45ZK and 45ZL.

Worked practical example

Facts. A three-member gathering cannot make the statutory MPC decision even if all three agree; the Section 45ZI quorum rule still applies.

Compliance points and common mistakes

Do not decide the issue from the heading alone. Map the facts to the operative words of Section 45ZI and to each relevant subsection, clause, proviso or explanation shown above.
Keep the statutory question separate from the operational overlay. The meeting process must be distinguished from the later publication duties in Sections 45ZK and 45ZL.
Do not convert an exception, exemption or discretionary RBI/Government power into an automatic entitlement. Record the authority, conditions and effective date.
Where the provision is historical, omitted or repealed, state that status prominently and do not present it as a current compliance obligation.

Connected provisions and instruments

RBI Monetary Policy Committee and Monetary Policy Process Regulations, 2016Operating regulations for MPC process, including scheduling, notice and process.

Questions and answers

What is the purpose of Section 45ZI?

Meetings of Monetary Policy Committee: Section 45ZI governs MPC meetings, including a minimum of four meetings each year, scheduling/publication requirements, quorum and voting.

Which statutory limb should be checked first?

Rule 1 - The quorum is four members, at least one of whom must be the Governor or, in his absence, the Deputy Governor who is a Committee member

What is the next legal boundary?

Rule 2 - decisions are by majority of members present and voting, with the Governor having a casting vote in the event of equality.

What record should support the conclusion?

Section 45ZI file evidence: Retain meeting calendar, attendance/quorum, individual votes, resolution and any casting-vote circumstance.

Primary sources

Source control for Section 45ZI: use the official consolidated RBI Act for the statutory text and footnotes, then separately reconcile any post-Finance Act 2022 amendment, commencement notification or RBI instrument relevant to the event date.