MPC member Varma the only one to favour raising reverse repo rate

His was the lone dissenting voice against a continued "accommodative" stance, minutes of the August 4-6 meetings showed

The lone dissenting member voting against a continued “accommodative” stance of the monetary policy committee (MPC) did so to favour a raise in the reverse repo rate, minutes of the August 4-6 meetings showed.

The monetary policy discussions this time were challenging considering inflation print came at 6.3 per cent in May and June, above RBI's tolerance band of 2-6 per cent. However, inflation moderated in July to 5.6 per cent, while the RBI continued to carry with ultra-loose monetary policy accommodation, with system liquidity reining at above Rs 11 trillion. The six-member MPC spurred on the prolonged accommodation, complicated