RBI schedules additional meeting of Monetary Policy Committee to prepare report on inflation
The Reserve Bank has scheduled an additional meeting of its Monetary Policy Committee on the 3rd of November. With recent data revealing that India’s retail inflation had risen to 7.41 percent in September, the Reserve Bank is likely to assess its further course of action. The panel is likely to prepare a report on why inflation has kept climbing despite its various efforts. The monetary committee had last met between 28-30 September, wherein it had increased the policy repo rate by 50 basis points to 5.9 percent. RBI Governor Shaktikanta Das had said that the reason behind the rate hike was persistent high inflation, making it necessary to further calibrate the withdrawal of accommodation. The panel will again meet between 5-7 December as per the original schedule.
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By News On Air