Ahead of MPC meet, RBI board critiques present financial state of affairs

Ahead of the Monetary Policy Committee (MPC) assembly on November 3, the Central Board of Directors of Reserve Bank of India (RBI) met on Monday and reviewed the present financial state of affairs.

The 598th assembly of the RBI’s Central Board of Directors was held right this moment 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 stated in a launch.

The assembly, which was chaired by RBI Governor Shaktikanta Das, additionally mentioned the functioning of assorted sub-committees of the central board, ombudsman scheme and actions of choose central workplace departments.

RBI deputy governors Mahesh Okay Jain, Michael D Patra, M Rajeshwar Rao, T Rabi Sankar and different administrators of the board – Satish Okay. Marathe, S Gurumurthy, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, Pankaj R Patel and Ravindra H Dholakia attended the assembly. Department of Economic Affairs secretary Ajay Seth was additionally current.

Last week, the RBI stated that it’ll maintain a further MPC assembly on November 3. The assembly has been scheduled to resolve on the content material of the report which the RBI has to ship to the federal government after it failed to take care of the patron worth index (CPI) inflation goal throughout the 2-6 per cent band for 3 consecutive quarters, or 9 straight months – January to September 2022.

In the report, the central financial institution must point out the remedial actions it proposes to take and an estimated time inside which the inflation goal can be achieved following the well timed implementation of the proposed remedial actions.