Business News | RBI Report on Inflation Mandate Failure Cannot Be Made Made Public, Government Tells Parliament
Get latest articles and stories on Business at LatestLY. Union minister of state in the ministry of finance Pankaj Chaudhary on Monday informed Lok Sabha that the relevant section of the RBI Act, 1934, does not provide provisions to the Reserve Bank of India for making the report, which was written to the Centre after having failed to fulfil its inflation mandate, public.
New Delhi, [India], December 13 (ANI): The government on Monday told Parliament that Reserve Bank of India (RBI) has submitted its report on the breach of inflation target for three consecutive quarters but it cannot be made public as per the provisions of the RBI Act.
Union Minister of State for Finance Pankaj Chaudhary told Lok Sabha that the relevant provisions of RBI Act do not allow the report to be made public.
An out-of-turn meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India was held in early November to discuss the report to be sent to the central government for having failed to maintain the inflation mandate.
Under the flexible inflation targeting framework introduced in 2016, the RBI is deemed to have failed in managing price rise if the CPI-based inflation is outside the 2-6 per cent range for three quarters in a row. In October, retail inflation was 6.77 per cent, and is now over the 6 per cent upper band for over three consecutive quarters.
Also Read | Deepika Padukone HOTTEST Bikini Looks From 'Besharam Rang' Song in Pathaan.
India's average retail inflation during January-March, April-June, and July-September 2022 was at 6.3 per cent, 7.3 per cent, and 7.0 per cent, respectively, data showed. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)