ANI
05 Dec 2022, 13:37 GMT+10
New Delhi [India], December 5 (ANI): The Reserve Bank of India's three-day monetary policy committee meeting is set to commence today. Financial markets will be keenly watching the committee's rate hike stance if any, as inflation is still above the 6 per cent target band.
The central bank had already hiked the key policy rate by 190 basis points since May to 5.9 per cent to cool off domestic retail inflation that has stayed above the RBI's upper tolerance limit for over three quarters now. In October, retail inflation was 6.77 per cent as against 7.41 per cent the previous month.
Under the flexible inflation targeting framework introduced in 2016, the RBI is deemed to have failed in managing price rises if the CPI-based inflation is outside the 2-6 per cent range for three quarters in a row.
An out-of-turn meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India was held in early November to discuss and draft the report to be sent to the central government for having failed in maintaining the inflation mandate.
The meeting was called under Section 45ZN of the Reserve Bank of India (RBI) Act 1934, which pertains to steps to be taken if the central bank fails to meet its inflation-targeting mandate.
Further details about the special meeting are not officially in the public domain. (ANI)
Get a daily dose of Taiwan Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Taiwan Sun.
More InformationTOKYO, Japan: Japan is preparing to revise legislation to allow it to restrict the export of advanced semiconductor manufacturing equipment ...
LONDON, England: Energy giant Shell Oil has announced a record profit of nearly $40 billion in 2022, capping an eventful ...
TOKYO, Japan: Honda has announced that it will manufacture a new hydrogen fuel cell system, which was jointly developed with ...
IRVINE, California: In an effort to cut costs in preparation for an industry-wide price war, electric vehicle manufacturer Rivian Automotive, ...
SANTA CLARA, California: One week after Intel forecasted lower-than-expected sales caused by a loss of market share to rivals and ...
WASHINGTON D.C.: As part of a wider policy drive to increase competition in consumer markets, President Joe Biden has announced ...
ISLAMABAD, Pakistan - Former President General (retd) Pervez Musharraf died in a Dubai hospital on Sunday at the age of ...
JERUSALEM - Israel on Sunday announced plans to build a new town on the Gaza border .The town, temporarily named ...
CHICAGO, Illinois: After an ice storm ravaged states from Texas to West Virginia, this week, airlines canceled over 1,800 flights ...
PRAGUE, Czech Republic: Ahead of her visit to Taipei, Marketa Pekarova Adamova, Speaker of the Czech Lower House, reiterated to ...
TRENTON, New Jersey: A federal judge has blocked a New Jersey law allowing the state's attorney-general to sue gun manufacturers ...
WASHINGTON D.C.: The Biden administration said this week that it will end US COVID-19 emergency declarations on 11th May, nearly ...