MPC members warn inflation could accelerate: RBI minutes

Governor Urjit Patel said in Aug 2 meet that there's still space for banks to cut rates

The Reserve Bank of India's monetary policy committee (MPC) members said easing consumer inflation had supported the need for a rate cut at its August meeting, but warned prices could start accelerating, minutes showed on Wednesday.

The comments reflected continued caution by most of the six-members of the committee, despite pressure by government officials and some economists to cut rates more aggressively after consumer inflation has remained below the RBI's 4% target since October.

The RBI cut the main policy rate by 25 basis points to a more than 6-1/2 year low of 6.00% on Aug. 2, but kept its policy