RBI rate panel maintains hawkish stance, warns of inflation

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The Reserve Bank of India's (RBI's) monetary policy committee cited upside risks to inflation arising from price pressure excluding food and fuel as the main reason for keeping its policy rate unchanged, according to minutes of its April meeting released on Thursday.

The six-member monetary policy committee (MPC) which had unanimously decided to keep the repo rate unchanged at 6.25 per cent in early April, had raised a secondary rate called the reverse repo rate, which is used to drain excess funds from banks.

The MPC, which aims to bring down inflation to 4 per cent in the medium term, maintained its hawkish stance on inflation, with most members expressing concern over upside risks to core inflation.
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