RBI to Hold Special Monetary Policy Committee Meet on November 3 on Preparing Inflation Report

Mumbai, October 27: The Reserve Bank has called a special meeting of the Monetary Policy Committee on November 3 to prepare a report on its failure to keep retail inflation below 6 per cent for three consecutive quarters.

“Under the provisions of Section 45ZN of the Reserve Bank of India (RBI) Act …an additional meeting of the MPC is being scheduled on November 3, 2022,” the central bank said in a statement on Thursday. Reserve Bank of India Has Released a Draft Master Direction.

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.

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