India cenbank's monetary committee discusses report on inflation target miss
Reuters
Published Nov 03, 2022 07:50AM ET
By Swati Bhat
MUMBAI (Reuters) - The Reserve Bank of India's monetary policy committee met on Thursday to discuss the bank's report to the government for having failed to meet its inflation targets for three straight quarters for the first time since it was set up in 2016.
"A separate meeting of the Monetary Policy Committee (MPC) was held on November 3, 2022 to discuss and draft the report to be sent to the Government by the Reserve Bank of India (RBI)," the RBI said in its short release following the meeting.
All six members of the MPC attended the meeting, the release added.
India's central bank will not immediately release details of the report to the government, Governor Shaktikanta Das said in a speech on Wednesday.
"It's a report sent under a law, I don't have the privilege, the authority or the luxury to release a letter like this," Das said.
The committee is mandated to keep inflation within 2 percentage points on either side of its 4% target and a miss for three quarters requires it to provide an explanation to the government along with the recourse it plans to adopt.
Retail inflation has remained above 6% since January and accelerated in September to a five-month high of 7.41% year-on-year as food prices surged.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.