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The Monetary Policy Committee (MPC) of the Reserve Bank of India kept its policy rates unchanged, with repo rate at 6%, the reverse repo rate at 5.75%, and marginal standing facility rate at 6.25% in the Fifth Bi-Monthly Monetary Policy Statement 2017-18. Five out of six members of the committee were in favour of the decision, while one voted for a 25 basis points (bps) cut. The MPC maintained its neutral monetary policy stance, but remains concerned on the inflation trajectory. Inflation is estimated in the range 4.3-4.7 per cent in Q3 and Q4 of this year, including the HRA effect of up to 35 basis points, with risks evenly balanced. And the projection of real GVA growth for 2017-18 of the October resolution at 6.7 per cent has been retained, with risks evenly balanced.
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