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RBI To Hold Additional MPC Meet On November 3

In May also, the RBI conducted its off-cycle monetary policy review to hike the repo rate to control inflation.

The RBI conducted its last monetary policy earlier this month, in which it raised the repo rate by 50 basis points.

The Reserve Bank of India (RBI) on Thursday said it will conduct an additional meeting of its Monetary Policy Committee (MPC) on November 3, 2022.

“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 notification on Thursday.

In May also, the RBI conducted its off-cycle monetary policy review to hike the repo rate to control inflation. It had hiked 40 basis points in the review. The RBI conducted its last monetary policy earlier this month, in which it raised the repo rate by 50 basis points.

India’s retail inflation accelerated to a five-month high of 7.41 per cent in September. It was the ninth month that the Consumer Price Index (CPI)-based inflation has remained above the RBI’s upper tolerance limit of 6 per cent, and has risen despite the central bank’s efforts to curb it. The retail inflation had stood at 7.04 per cent in May, 7.01 per cent in June, 6.71 per cent in July, 7 per cent in August and now 7.41 per cent in September.

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