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 Parvatiya Gramin Bank with its Head Office at Chamba, Himachal Pradesh and sponsored by State Bank of India was established on 2nd November 1985 under the Regional Rural Banks Act 1976. Presently, the Bank is operating in the district of Chamba. This bank is the only Regional Rural Bank sponsored by State Bank of India in Himachal Pradesh.
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For most of the period since then, the target range for annual Consumers Price Index (CPI) inflation, established by the Policy Targets Agreements (PTA), was 0 to 3 per cent. Over this period, actual CPI inflation has averaged 2 per cent. As one might expect, analysis shows that our medium-term CPI inflation forecasts since then have been biased towards under-prediction, which is the subject of this article.
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