The MPC’s off-cycle meeting has been convened as the central bank has failed to curb inflation, which has remained beyond its tolerance limit of 2 to 6 per cent for the past nine months.

Consumer Price Index (CPI) based retail inflation rose to 7.41 percent in September. Retail inflation has remained beyond RBI’s tolerance limit for the last three quarters.

Inflationary concerns had earlier forced the RBI’s rate setting panel to hike repo rate during a meeting held in May this year, which was also an off-cycle meeting.