RBI keeps key interest rate unchanged

RBI today kept the key interest rate unchanged, on the expected lines, but raised the inflation forecast for remainder of the current financial year to 4.3- 4.7 per cent.
The 6-member Monetary Policy Committee (MPC), headed by Reserve Bank of India Governor Urjit Patel, in its fifth bi- monthly review, kept repo rate unchanged at 6 per cent and reverse repo at 5.75 per cent.
It said the reason for the decision was "achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth".
The central bank kept the economic growth forecast unchanged at 6.7 per cent for the fiscal ending March 31.