RBI's Inflation Mandate Failure Report Cannot Be Made Public: Government As per reports, an out-of-turn meeting of the monetary policy committee (MPC) of the RBI was held in early November to bat around the report to be sent to the central government for failing to maintain the inflation mandate
By Teena Jose
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The government, on Monday, told Parliament that the Reserve Bank of India (RBI) had submitted its report on the breach of the inflation target for three consecutive quarters, but the provision in the law doesn't authorize the report to be made public.
"RBI has furnished a report to the central government, as decreed under Section 45ZN of the RBI Act, 1934 and Regulation 7 of RBI monetary policy committee and monetary policy process regulations, 2016," said minister of state for finance, Pankaj Chaudhary to a query in Parliament.
As per reports, an out-of-turn meeting of the monetary policy committee (MPC) of the RBI was held in early November to bat around the report to be sent to the central government for failing to maintain the inflation mandate.
According to the data available, the average inflation remained above the upper tolerance level of the inflation target of 6 per cent for three consecutive quarters during January-September,2022. In October, retail inflation was 6.77 per cent and is currently over the 6 per cent upper band for over three consecutive quarters.
As per earlier reports, while announcing a 35-basis point shoot up in the repo rate to 6.25 per cent, Shaktikanta Das had said that the battle against inflation is not over.
The report also stated that the central bank forecasts the CPI inflation to be around 6.6 per cent in October to December 2022, 5.9 per cent in January-March 2023, 5.0 per cent in April to June 2023 and 5.4 per cent in July to September 2023 respectively.
