The Reserve Bank has called a special meeting of the Monetary Policy Committee on November 3 to prepare a report on its failure to keep retail inflation below 6 per cent for three consecutive quarters.

"Under the provisions of Section 45ZN of the Reserve Bank of India (RBI) Act additional meeting of the MPC is being scheduled on November 3, 2022," the central bank said in a statement on Thursday.

Section 45ZN of the Act deals with failure to maintain the inflation target.

Inflation has remained above the upper tolerance limit of 6 per cent for nine straight months or three quarters.