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Which of the following statements is/ are correct about the Monetary Policy Committee (MFC)?

I. It is a nine-member committee of the Reserve Bank of India.

II. It has been entrusted with the task of fixing the benchmark repo rate required to contain inflation within the specified target level.

III. The meetings of the MFC will be held at least 4 times a year.

A)  II only                         

B)  I and II

C)  I, II and III       

D)  II and III