India’s central bank left its key interest rates unchanged as widely expected as inflation remains elevated.
The Monetary Policy Committee, led by Governor Shaktikanta Das, voted unanimously to hold the policy repo rate at 4.00 percent. The reverse repo rate was retained at 3.35 percent.
The Marginal Standing Facility or MSF rate, and the Bank rate remained unchanged at 4.25 percent.
The last change in the benchmark rate was a 40 basis point cut in May, taking the cumulative reduction to 250 basis points since February 2019.
Das said the bank will continue with accommodative policy stance as long as necessary, at least for the current financial year and into the next year.
The bank projected real GDP to fall 7.5 percent in the financial year 2021-21. Das said inflation is likely to remain elevated. This constrains monetary policy at the current juncture.
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