No RBI rate cuts for now? See what monetary policy panel minutes revealed
Subdued prices of vegetables and fruits in summer, when prices normally tend to escalate, gave comfort to Reserve Bank of India (RBI) governor Urjit Patel to hold on to rates, but the higher oil prices forced him to change the stance from neutral to calibrated tightening.
The RBI kept the policy repo rate unchanged. “We are not obliged to increase the rate at every policy meeting,” Patel said in the Monetary Policy Committee (MPC) meeting. Image source: Reuters