RBI Meeting: All you need to know about additional monetary policy meet

Under Section 45ZN of the RBI Act, 1934, the central bank is required to write a letter to the Centre if it fails to maintain the inflation target

On October 27, the Reserve Bank of India (RBI) announced that the Monetary Policy Committee (MPC) will organise an additional meeting on November 3 to discuss why the bank has failed to keep inflation under the tolerance limit of 2-6 per cent for three consecutive quarters and write a letter to the central government around it.

"Under the provisions of Section 45ZN of the Reserve Bank of India (RBI) Act 1934, read along with the Gazette notifications S.O.2215(E) dated June 27, 2016, and S.O.1422(E) dated March 31, 2021, and the Regulation 7 of the RBI Monetary Policy Committee (MPC) and