RBI schedules additional MPC meeting on 3 Nov
2 years, 1 month ago

RBI schedules additional MPC meeting on 3 Nov

Live Mint  

An additional meeting of the Reserve Bank of India's Monetary Policy Committee has been scheduled for 3 November. "Under the provisions of Section 45ZN of the Reserve Bank of India Act 1934, read along with the Gazette notifications S.O.2215 dated June 27, 2016 and S.O.1422 dated March 31, 2021 and the Regulation 7 of the RBI Monetary Policy Committee and Monetary Policy Process Regulation, 2016, an additional meeting of the MPC is being scheduled on November 3, 2022," the RBI said. The central bank governor while explaining the rationale behind the rate hike said the MPC was of the view that persistence of high inflation necessitates further calibrated withdrawal of monetary accommodation to restrain broadening of price pressures, anchor inflation expectations and contain the second-round effects. RBI must focus on softening core inflation Shashanka Bhide, an external member of the Reserve Bank of India’s monetary policy committee, earlier said that the RBI must stay focused on moderating components of inflation that are not directly influenced by food or fuel, and work on dampening overall price expectations.

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