Inflation above target: MPC to meet on Nov 3 to discuss response to govt

The announcement notifying an additional meeting of the MPC has been made as per Section 45ZI (4) of the RBI Act 1934, the RBI said on Thursday

The Reserve Bank of India’s Monetary Policy Committee (MPC) will hold an additional meeting on November 3, the central bank said on Thursday.

The meeting has been called to discuss what would be the RBI’s response to the government for failing to achieve its inflation mandate.

According to the Monetary Policy Framework under the RBI Act, if the central bank fails to meet the inflation target, it shall have to provide a report to the government listing the reasons for failure, remedial actions proposed to be taken, and an estimate of the time-period within which inflation shall be brought back