RBI won't immediately release letter on inflation response to govt

The Reserve Bank of India (RBI) will not immediately release details of its special policy-setting committee meeting on Thursday to discuss its response to the government for failing to stick to its inflation mandate, Governor Shaktikanta Das said.

RBI Governor Das said on Wednesday a letter that will be sent to the government will not be made public after the Nov 3 special meeting because the bank does not have the authority to release it.

The Monetary Policy Committee is mandated to keep inflation within 2 percentage points on either side of its 4% target and failure to do so for three straight quarters requires the bank to give an explanation to the government.