Question

Monetary policy is the process by which the monetary authority

Answer 1

Monetary policy is the process by Central Banks of every nation.
In India, RBI is the monetary authority which controls or regulates monetary policy.

Hope this helps : )

Answer 2

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Monetary policy is the process of drafting, announcing, and implementing the plan of actions taken by the central bank, currency board, or other competent monetary authority of a country that controls the quantity of money in an economy and the channels by which new money is supplied.