The Reserve Bank of India (RBI) has called for an emergency meeting of its Monetary Policy Committee (MPC) on November 3. The next meeting of the MPC, which is expected to meet four times a year, was slated for December 5-7. The announcement of this off-cycle meeting comes after the central bank repeatedly failed to meet its inflation target for three consecutive quarters. As such, the RBI is required to draft a report to the union government, detailing the causes of the failure and steps required to mitigate the situation.