An apex refinance institution established in the country to frame the monetary policy of banking institutions is

Correct option is B

The Reserve Bank of India is the central banking authority responsible for regulating the monetary system of the country. It formulates and implements monetary policy to control money supply and credit flow in the economy. RBI also supervises and regulates commercial banks and financial institutions. Therefore, RBI is the apex institution responsible for framing monetary policy.
Information booster: The Reserve Bank of India was established in 1935 under the RBI Act. It controls interest rates, inflation, and liquidity in the financial system. RBI acts as the banker to the government and custodian of foreign exchange reserves. Monetary policy decisions influence economic growth and financial stability.
Why other options are incorrect: (a) NABARD focuses on agricultural and rural development, not monetary policy. (c) ARDC was involved in agricultural credit and is no longer functional. (d) AFC provides financial assistance but does not frame monetary policy.