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RBI MPC Meeting: Additional meeting of RBI’s Monetary Policy Committee on November 3, what will be the rate hike

RBI MPC Meeting: Big news related to Reserve Bank of India has come. The Reserve Bank of India has announced that its Monetary Policy Committee will hold an additional meeting on the coming November 3. Now the question has arisen from this news whether the RBI is going to take a decision to increase the rates once again because the inflation figures in the country are not coming under control.

What will be the focus of the meeting
It is clear that the concerns about rising inflation in the country are troubling not only the government but also the economic experts, the RBI constantly expresses its concern about it in every MPC meeting and the focus of this meeting is also to take steps to control inflation. But it will happen.

The meeting will be held under section 45ZN of the RBI Act.
This unexpected meeting has been called under section 45ZN of RBI Act of Reserve Bank of India. RBI has failed to meet its inflation target and it is believed that the reasons, effects and steps will be discussed in this meeting. After this meeting, the report of this meeting will be submitted to the Central Government under the RBI Act.

Under the RBI Act, in this report, why there was a lapse in meeting the inflation target, how it happened and what were the reasons for this – all these will be discussed in detail, as well as the details of how this inflation will be affected. To achieve the set target and what steps are being taken for it.

Retail inflation data came on October 12
On October 12, the retail inflation data in the country came out, in which the inflation rate based on the Consumer Price Index (CPI) for September rose to 7.41 percent. These consistently remain figures away from the target set by the RBI and tell the condition of inflation including food and other items.

RBI meeting is on the very next day of US Fed meeting
One thing is astonishing that RBI has called an unexpected meeting of MPC on November 3, while there is also a meeting of Federal Reserve in the US just a day before that. It is believed that this time the Federal Reserve can increase interest rates marginally, so whether it can have an impact on the functioning of RBI’s Monetary Policy Committee, it remains to be seen.

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