New Delhi: The Reserve Bank of India (RBI) in its latest move has decided to initiate a door-to-door survey to fathom the condition of common man marred by inflation. The Central Bank is mulling to extend its ongoing survey in 12 cities to other urban areas and small towns in the country.

Based on the survey, the RBI while formulating the monetary policy and deciding on interest rates, will consider the demand and opinion of the common man.

For the time being, RBI will get the survey done with the help of a foreign agency in which information will be sought from the people regarding the product prices. Details will also be sought regarding the hike in prices of several selected commodities and products.

This is not the first time that the RBI has involved itself in any such survey. Previously, the Central Bank has done several surveys to identify with the common man and thus propose solutions according to it.

Evidently, RBI plays a major role in controlling inflation in the country through its monetary policy. For the same, the Central Bank has been augmenting the interest rates over the last 18 months to curb inflation.

It is being assumed that RBI is again going to announce an increase in the interest rates in the next few weeks.

JPN/Bureau