Is the Monetary Policy Committee (MPC) a statutory body?

The Monetary Policy Committee is a statutory body. The Reserve Bank of India Act 1934 was amended by the Finance Act of 2016. The monetary policy committee has 6 members, headed by the RBI governor. You can read about The Reserve Bank of India: Functions and Composition in the given link.

Further readings:

1. Non Performing Assets (NPA) – Facts for UPSC GS-III
2. Topic-Wise GS 3 Questions for UPSC Mains