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RBI Keeps Interest Rate Unchanged, Raises Inflation Forecast

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The monetary policy committee of Reserve Bank of India (RBI), as widely expected, kept repo or key lending rate unchanged at 6 per cent amid inflation concerns. The central bank reiterated that it is maintaining a "neutral" stance in monetary policy. Five members of the monetary policy committee voted to keep rates unchanged, with one voting for a 25-basis-point cut. The RBI kept its growth forecast for the current fiscal year ending March 31 unchanged at 6.7 per cent. RBI however raised inflation forecast to 4.3-4.7 per cent in third and fourth quarters of current fiscal.

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