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RBI's additional monetary police committee meet on Nov 3: Report
RBI's additional monetary police committee meet on Nov 3.
The Reserve Bank of India said on Thursday an additional meeting of the Monetary Policy Committee would be held on Nov. 3.
The meeting is being held under the provisions of Section 45ZN of the Reserve Bank of India (RBI) Act 1934, which covers a failure of the central bank to meet its inflation target for three consecutive quarters, the bank said in a statement.
Subsequent to this, the central bank is required to write a letter to the government explaining its inability to meet its target.
The meeting has been called to discuss the response to be sent to the government, said a source familiar with the matter.
The MPC, established in 2016, is mandated to keep inflation within 2 percentage points on either side of its 4% target. It has failed to do so for three consecutive quarters now, with inflation at 7.4% in September this year.
