The Reserve Bank of India (RBI) has announced the Monetary Policy Committee (MPC) will hold an additional meeting on Nov 3.

This is other than MPC’s scheduled meeting for the last time this calendar year on December 5 - 7, 2022

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The RBI's MPC, after its meeting on September 30, had hiked the repo rate by 50 basis points to 5.90 percent.

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CPI inflation rose to 7.41 percent in September, which was above the RBI band of 2-6 percent for three consecutive quarters.

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The September retail inflation rate that was released on October 12 confirmed that RBI had failed to meet its mandate for the very first time.

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As per the law, RBI must now submit a report to the central government explaining why it failed to contain inflation

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