ALSO READIndia seen cutting rates to over 6-1/2 year low, faces pressure to do more RBI becomes first central bank in Asia to cut rates this year RBI seen cutting rates to over 6-1/2 year low, faces pressure to do more India August inflation seen at 5-month high on rising food costs RBI seen holding rates steady, expected to sound less hawkish
MUMBAI (Reuters) - The Reserve Bank of India kept its policy rate unchanged at a more than seven-year low of 6.00 percent on Wednesday after inflation accelerated to a seven-month high and stronger economic growth reduced the need for monetary stimulus.
All but two of 54 analysts in a Reuters poll had predicted the repo rate would be left unchanged at the lowest since November 2010 for a second meeting in a row.
The central bank reiterated that it is maintaining a "neutral" stance in monetary policy.
The RBI also kept the reverse repo rate unchanged at 5.75 percent.
Five members of the monetary policy committee voted to keep rates unchanged, with one voting for a 25 bps cut.
(Reporting by Swati Bhat and Suvashree Dey Choudhury; Writing by Rafael Nam; Editing by Richard Borsuk)
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