In its 50th review of the monetary policy, the Reserve Bank of India's (RBI's) six-member monetary policy committee (MPC) on Thursday decided to keep the repo rate unchanged at 6.5 per cent.
It maintained the 'withdrawal of accommodation' policy stance for a ninth straight time, citing food inflation risks, and red-flagged 'certain' lenders not adhering to top-up loan norms and credit card spend growth staying high despite an increase in risk weightings.
External MPC members Jayanth Varma and Ashima Goyal continued to vote for a 25-basis-point cut in the repo rate and a change in stance to neutral.
"Headline inflation, after remaining steady at 4.8 per cent during April and May 2024, increased to 5.1 per cent in June, primarily driven by the food component, which remains stubborn," RBI Governor Shaktikanta Das said while explaining the policy decision. He emphasised it was important for the monetary policy to stay the course while maintaining a close vigil on the inflation trajectory and the risks thereof.
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