The MPC’s decision on interest rates was unanimous, RBI Governor Shaktikanta Das said.
The MPC also decided on a 5 to 1 majority to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis, while ensuring that inflation remains within the target, going forward, RBI Governor Shaktikanta Das said.
The policy statement was largely in line with market expectations, even though some analysts had expected the central bank to raise the reverse repo rate because of elevated core inflation and a recent surge in global crude oil prices.
Owing to a massive surplus of liquidity in the banking system, the reverse repo rate has represented the overnight cost of funds for money markets for around two years now.
