RBI's 3-day monetary policy meet to start today; all eyes on rate hike stance

ANI
05 Dec 2022, 09:07 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)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Barbados Bulletin.

More Information

null in null

World

Section

US debt limit raised, but spending bill fuels fiscal concerns

NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...

Methionine Restriction Could Extend Lifespan, Boost Health

VILNIUS, Lithuania – A growing body of research suggests that selectively restricting a single nutrient in our diet could have profound...

BRICS outperforming G7 Putin

The groups combined GDP is $20 trillion greater than that of the Western bloc, the Russian president has said BRICS has already outstripped...

BRICS outperforming G7 - Putin

The group's combined GDP is $20 trillion greater than that of the Western bloc, the Russian president has said ...

Modi calls on BRICS nations to condemn terrorism

The summit declaration denounced the recent terrorist attack in Kashmir that triggered a military escalation between India and Pakistan...

"Bravehearts of Indian Armed Forces damaged, destroyed and dismantled "territory of terrorism": Mukhtar Abbas Naqvi

Prayagraj (Uttar Pradesh) [India], July 6 (ANI): Former Union Cabinet Minister and senior BJP leader Mukhtar Abbas Naqvi on Sunday...

Caribbean

Section

Mathieu Van der Poel takes Stage 2 at Tour de France

(Photo credit: John Oliva/Caller-Times / USA TODAY NETWORK via Imagn Images) The Netherlands' Mathieu Van der Poel earned his second...

Team India secures biggest away Test win by runs, Gill becomes youngest Indian skipper to secure overseas victory in long format

Birmingham [UK], July 6 (ANI): India created history with a 336-run win over England in the second Test at Birmingham as not only did...

West Indies vs Australia second Test: "Being able to bounce back from tough times is equally as important," says Cameron Green

New Delhi [India] July 6 (ANI): Australia batter Cameron Green underlined the importance of 'bouncing back' from 'tough times' and...