Acharya cited core inflation, said 'no room' for changing lending rate

RBI has lowered its inflation target for April-Sept to 3.2-3.4% from the 3.8-4.2% seen in December and trimmed the growth forecast to 7.2-7.4% from its previous estimate of 7.5%

India needs to take steps to boost economic growth as the inflation outlook remains low, the Reserve Bank of India's monetary policy committee (MPC) said in minutes released on Thursday.

Most of the six-member MPC were in favour of spurring growth in Asia's third largest economy amid a soft inflation outlook on a sustained fall in food prices, the minutes of the February monetary policy meeting showed.

The MPC delivered a surprise repo rate cut in a 4-2 split vote this month while members unanimously agreed to move the policy stance to 'neutral' from 'calibrated tightening'.

The MPC meeting was