The Reserve Bank has convened a special meeting of the Monetary Policy Committee (MPC) 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.
Section 45ZN of the Act deals with failure to maintain inflation target.
Inflation has remained above the upper tolerance limit of 6 per cent for nine consecutive months or three quarters.
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