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RBI convenes spl MPC meet on Nov 3
Directs Monetary Policy Committee to prepare report on its failure to keep inflation below 6% for 3 qtrs in a row
Mumbai: The Reserve Bank of India (RBI) has called a special meeting of the Monetary Policy Committee (MPC) on November 3 to prepare a report on its failure to keep retail inflation below six per cent for three consecutive quarters.
"Under the provisions of Section 45ZN of the Reserve Bank of India Act, an additional meeting of the MPC is being scheduled on November 3, 2022," the central bank said in a statement on Thursday.
Section 45ZN of the Act deals with failure to maintain the inflation target. The inflation has remained above the upper tolerance limit of 6 per cent for nine straight months or three quarters.