 "Viral Acharya, Deputy Governors RBI, RBI Governor Urjit Patel and M D, Patra, ED, RBI, during a press conference announcing the Reserve Bank of India's monetary policy at its headquarters in Mumbai on Wednesday. (Photo: Kamlesh Pednekar)")
The Reserve Bank of India (RBI) kept its policy rates unchanged on Wednesday, revised its inflation forecast for the second half of the fiscal year, and lowered the growth forecast sharply, while asking the government not to be too ambitious with its fiscal stimulus package.
Five members of the six-member monetary policy committee (MPC), headed by RBI Governor Urjit Patel, voted for a pause. Ravindra Dholakia voted for a 25 basis point cut. Following the fourth bi-monthly monetary policy, the repo rate remained at 6 per cent. While continuing with its glide path of bringing down banks’ mandatory bond holdings,
