Discuss the provision of RBI related to constitution of "Monetary Policy Committee" under the Reserve Bank of India Act, 1934.

Section 45ZB of the Reserve Bank of India Act, 1934 states that: The Central Government may, by notification in the official Gazette, constitute a committee to be called the Monetary Policy Committee of the bank. The Monetary Policy Committee shall consist of the following members, namely: The Governor of the Bank – Chairperson, ex-officio; Deputy Governor of the Bank, in charge of Monetary Policy- Member, ex-officio; One officer of the bank to be nominated by the Central Board- Member, ex-officio; and Three persons to be appointed by the Central Government- Members. The Monetary Policy Committee shall determine the policy rate required to achieve the inflation target. The decision of the Monetary Policy Committee shall be binding on the Bank.