RBI rate-setting panel plans November 3 unscheduled meeting.
- November 3 will see an extra RBI Monetary Policy Committee (MPC) meeting.
- “Under the provisions of Section 45ZN of the Reserve Bank of India (RBI) Act 1934, read along with the Gazette notifications S.O.2215(E) dated June 27, 2016 and S.O.1422(E) dated March 31, 2021 and the Regulation 7 of the RBI Monetary Policy Committee (MPC) and Monetary Policy Process Regulation, 2016, an additional meeting of the MPC is being scheduled on November 3, 2022,” the RBI said in a release
- After missing the inflation target, the RBI must report to the Centre under Section 45ZN of the RBI Act. The MPC secretary must also hold a meeting “to discuss and draught the report to be forwarded to the central government under the terms of Section 45ZN of the Act” as part of the routine policy process, per Regulation 7.