Ahead of the Monetary Policy Committee (MPC) meeting on November 3, the Central Board of Directors of Reserve Bank of India (RBI) met on Monday and reviewed the current economic situation.
The 598th meeting of the RBI’s Central Board of Directors was held today in Mumbai.
“The Board in its meeting reviewed the current economic situation, global and domestic challenges including the overall impact of current global geopolitical crises,” RBI said in a release.
The meeting, which was chaired by RBI Governor Shaktikanta Das, also discussed the functioning of various sub-committees of the central board, ombudsman scheme and activities of select central office departments.
RBI deputy governors Mahesh K Jain, Michael D Patra, M Rajeshwar Rao, T Rabi Sankar and other directors of the board – Satish K. Marathe, S Gurumurthy, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, Pankaj R Patel and Ravindra H Dholakia attended the meeting. Department of Economic Affairs secretary Ajay Seth was also present.
Last week, the RBI said that it will hold an additional MPC meeting on November 3. The meeting has been scheduled to decide on the content of the report which the RBI has to send to the government after it failed to maintain the consumer price index (CPI) inflation target within the 2-6 per cent band for three consecutive quarters, or nine straight months – January to September 2022.
In the report, the central bank will have to mention the remedial actions it proposes to take and an estimated time within which the inflation target will be achieved following the timely implementation of the proposed remedial actions.
