Mumbai, Nov 03
The Monetary Policy Committee (MPC) met on Thursday to discuss and draft the report to be sent to the Government by the Reserve Bank of India (RBI) in the wake of retail inflation breaching the 6 per cent upper tolerance level for three consecutive quarters.
The additional MPC meeting was chaired by Shaktikanta Das, Governor and attended by all MPC members – Michael Debabrata Patra, Rajiv Ranjan, Shashanka Bhide, Ashima Goyal and Jayanth R. Varma, RBI said in a statement.
The RBI Act mandates that in the case of the inflation target not being met for three consecutive quarters, the RBI shall set out in a report to the Central Government the reasons for failure to achieve the inflation target; remedial actions proposed to be taken; and an estimate of the time-period within which the inflation target shall be achieved pursuant to timely implementation of proposed remedial actions.
What constitutes failure has been notified by the Central Government in the Official Gazette of India as (a) average inflation being more than the upper tolerance level of the inflation target for any three consecutive quarters; or (b) average inflation being less than the lower tolerance level of the inflation target for any three consecutive quarters.
Published on November 3, 2022
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