On November 3, the Reserve Bank called a special meeting of the Monetary Policy Committee to discuss its failure to keep retail inflation below 6% for three consecutive quarters.
The country’s central bank announced in a press statement on Thursday “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.”
Section 45ZN of the Act offers with failure to keep the inflation goal.
The rate of inflation has exceeded the higher tolerance limit of 6% for nine consecutive months, or three quarters.
