The Reserve Bank of India has called an additional and without pre-determined monetary policy meeting on November 3. A statement issued by the Reserve Bank on Thursday said that this meeting has been convened under the provisions of section 45ZN under the Reserve Bank of India Act, 1934. According to experts, usually the RBI takes such a step when it fails to keep the inflation rate within the prescribed limit.
Retail inflation reached 7.41% in September
Retail inflation in India has risen to 7.41 percent in September. Explain that the Reserve Bank of India must keep it between two percent and six percent, but for the third consecutive quarter, the rate of inflation was more than six percent. Under the rules, it is now necessary for the RBI to tell the government why rising inflation could not be controlled.
The RBI must keep the CPI-based inflation rate between 2 to 6 percent
Under the flexible inflation targeting framework, if CPI (Consumer Price Index) based inflation remains outside the range of 2 to 6 percent fixed for three consecutive quarters, the RBI is considered to have failed to manage the price hike.
The inflation rate was 7 percent in August
Consumer price index (CPI)-based inflation rose to 7.41 percent in September from 7 percent in the previous month, according to data released by the National Statistical Office (NSO) of the Ministry of Statistics and Program Implementation at the beginning of the month. Explain that after the out-of-turn meeting convened in November, the next meeting of the MPC of RBI is pre-scheduled between the 5th to 7th of December.
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