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RBI rate panel dissenter wanted 50 bp cut, rest watching inflation, minutes

RBI in June projected inflation could accelerate to 3.5% to 4.5% in Oct-March

Reuters  |  Mumbai 

The Reserve Bank of India's monetary policy committee wants more evidence that inflation has sustainably fallen below its target before deciding whether to lower interest rates, minutes from its last meeting showed on Wednesday. The RBI voted 5-1 to keep the repo rate at 6.25% earlier this month but issued a slightly less hawkish statement after consumer inflation eased to 2.99% in April, below its 4% target. Ravindra H Dholakia, a professor who is one of three non-RBI members, was the lone dissenter, voting to lower the repo rate by 50 basis points by strongly arguing that ...

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First Published: Wed, June 21 2017. 19:21 IST