The Reserve Bank of India's (RBI's) monetary policy committee (MPC) kept the benchmark interest rate unchanged for the sixth straight time, citing persistent risks from food inflation and incomplete transmission of monetary policy, pouring cold water on hopes of an early rate cut.
Five out of six committee members on Thursday voted to keep the policy repurchase rate unchanged at 6.5%, and stance unchanged at withdrawal of accommodation.
Only Jayanth R. Varma voted in favour of a rate cut and a change in policy stance to neutral. RBI last raised the repo rate to 6.5% in February 2023, and has left it unchanged since then.
RBI governor Shaktikanta Das highlighted that the "last mile of disinflation" towards the 4% inflation target is the most challenging, signalling that rate cuts may not be imminent.
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