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RBI rate-setting panel plans unscheduled meet on November 3

The off-cycle meeting of the central bank's rate-setting panel comes after the RBI failed its inflation mandate

October 28, 2022 / 08:02 AM IST
Representative image

Representative image

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) will hold an additional meeting on November 3.

“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 Monetary Policy Process Regulation, 2016, an additional meeting of the MPC is being scheduled on November 3, 2022,” the RBI said in a release.

As per Section 45ZN of the RBI Act, the central bank must submit a report to the Centre following the failure to achieve the inflation target. Further, as per Regulation 7 of the aforementioned regulation, the MPC’s secretary must schedule a separate meeting as part of the normal policy process “to discuss and draft the report to be sent to the central government under the provisions of Section 45ZN of the Act”.

“The Report shall be sent to the Central Government within one month from the date on which the Bank has failed to meet the inflation target,” the regulation adds.