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Also Read: Interest Rates Steady, Stance Neutral
Given that MPC members are fixated with anchoring a 4 percent inflation target and the upside risks emanating from higher oil prices, higher rural real wages, sticky core inflation and mean reversion of food prices, we find limited room for any further monetary accommodation this year.Upasna Bhardwaj, Senior Economist, Kotak Mahindra Bank
Also Read: Interest Rates Steady, Stance Neutral
The monetary policy committee today voted to keep interest rates unchanged, but maintained a neutral stance allowing it to adjust rates in both directions if needed. Along with the repo rate, the reverse repo rate and the cash reserve ratio were also maintained at 5.75 percent and 4 percent respectively.
The decision was supported by five members of the monetary policy committee including RBI governor Urjit Patel while one member voted for a policy rate reduction of 25 basis points.
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