Thursday, 22 June 2017

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

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 percent earlier this month, but issued a slightly less hawkish statement after consumer inflation eased to 2.99 percent in April, below its 4 percent target. The vote marked the first non-unanimous decision in the five meetings since the MPC was formed last September. However, the rest of the panel, including Governor Urjit Patel, wanted more evidence that inflation would ease, while expressing concern that prices would accelerate later this year.

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