RBI release suggests Nov MPC meet only to discuss inflation target failure

MPC may decide RBI's response to govt on the matter; Unlike earlier off-cycle meetings in which interest rate action was taken outside schedule without prior notice, this one was announced in advance

On Thursday, the Reserve Bank of India announced an additional meeting of the Monetary Policy Committee on November 3 in accordance with certain provisions of the RBI Act. The meeting is in addition to the existing schedule of MPC meetings for the current financial year.

The announcement of an additional meeting of the MPC has sparked market speculation that the rate-setting panel could be gearing up to announce an off-cycle rate hike as it had done in May. Some of the market chatter stems from the fact that the meeting on November 3 comes a day after the US Federal