IANS | 27 Oct, 2022
The Reserve Bank of India (RBI) on Thursday announced that its Monetary
Policy Committee (MPC) will have an off-cycle meeting on November 3.
The MPC's off-cycle meeting has been convened as the
central bank has failed to curb inflation, which has remained beyond its
tolerance limit of 2 to 6 per cent for the past nine months.
Consumer
Price Index (CPI) based retail inflation rose to 7.41 percent in
September. Retail inflation has remained beyond RBI's tolerance limit
for the last three quarters.
Inflationary concerns had earlier
forced the RBI's rate setting panel to hike repo rate during a meeting
held in May this year, which was also an off-cycle meeting.
