RBI governor Dr. Raghuram Rajan has said that the apex bank and the government have reached a broad consensus on the structure and composition of Monetary Policy Committee, MPC.<br/><br/>Addressing a press conference after announcing the third Bi-monthly Monetary Policy in Mumbai today, Mr. Rajan said there is no difference of opinion between the RBI and the government regarding the role that will be played by the governor in the MPC. He said RBI believes that institutionalising the process of monetary process formulation is vital given a clear inflation objective. Putting an end to the recent debate regarding reducing the role of governor in monetary policy formation, Dr. Rajan said if the RBI governor continues to retain the veto powers, it will not change the current situation and all advice from the committee will just be an advice.