RBI calls special meeting of Monetary Policy Committee on November 3

Mumbai, Oct 27: The Reserve Bank of India (RBI) on Thursday said that an additional meeting of its rate-setting panel, the Monetary Policy Committee (MPC) has been scheduled on November 3.

The MPC is likely to deliberate the response to the government for failing to meet the inflation mandate in this meeting.

"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," the central bank said in a statement on Thursday.

In its last MPC meeting held on September 30, RBI had hiked repo rate by 50 basis points to 5.90 per cent over rising inflation concerns. The Reserve Bank of India (RBI) has scheduled an additional meeting of the Monetary Policy Committee (MPC) for 2022-2023 on November 3, 2022.

Section 45ZN of the Act deals with failure to maintain the inflation target.

The inflation has remained above the upper tolerance limit of 6 per cent for nine straight months or three quarters.