Explanation:

- The RBI in consultation with the Government of India has _______ a working group. The missing word should fit properly with the idea of setting up or establishing a group.

- Option 1: Appointed

- "Appointed" usually refers to selecting someone to a specific position or role. It's not typically used to mean forming a group.

- Option 2: Constituted

- "Constituted" means to establish or create a group or committee. It is technically and contextually appropriate here.

- Option 3: Devolved

- "Devolved" generally means to transfer powers or duties, not to create or set up a group.

- Option 4: None of these

- This option implies that none of the above words fit, which is not the case given the context.