- The meeting was done under the Chairmanship of the RBI Governor, Shaktikanta Das, to discuss and draft a report regarding missing the inflation targets.
- The draft report will be sent to the GoI under Section 45ZN of the RBI Act 1934 and Regulation 7 of the RBI’s Monetary Policy Process Regulations.
- It was for the first time, since the formation of the MPC in 2016, that a special meeting was called under Section 45ZN.
- The primary reason behind drafting this report is the failure of the RBI in meeting the inflation targets (2%-6%) for three consecutive quarters (January 2022 to September 2022).
- The draft report consists of remedial actions that the central bank proposes to achieve the inflation target within an estimated time.
- The RBI is the central bank of India that was established in 1935 under the RBI Act 1934 with its headquarters in Mumbai, Maharashtra. The current Governor of the RBI is Shaktikanta Das.
Question:
Q.1 A special off-cycle meeting of the RBI’s MPC was done for the _____ time under Section 45ZN of the RBI Act 1934.a. First
b. Second
c. Third
d. Fourth
