On the basis of an assessment of the current and evolving macroeconomic situation the Reserve Bank of India (RBI) kept both repo rate and reverse report rate unchanged at 6.0 per cent and 5.75 per cent respectively.
The RBI stated that the decision of the MPC is consistent with the neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of ± 2 per cent, while supporting growth. The main considerations underlying the decision are set out in the statement below.
RBI today released the first bi-monthly monetary policy statement, 2018-19.
Dr. Chetan Ghate, Dr. Pami Dua, Dr. Ravindra H. Dholakia, Dr. Viral V. Acharya and Dr. Urjit R. Patel voted in favour of the monetary policy decision. Dr. Michael Debabrata Patra voted for an increase in the policy rate of 25 basis points. The minutes of the MPC's meeting will be published by April 19, 2018. The next meeting of the MPC is scheduled on June 5 and 6, 2018.