RBI holds rates steady for ninth time in a row

Four out of six members of MPC voted in favour of rate decision

RBI expectedly kept benchmark interest rate and stance unchanged for the ninth straight policy meeting, saying it cannot afford to look through persisting high food inflation.

Retaining its unambiguous focus on inflation, the MPC, which consists of three RBI and three external members, kept the benchmark repurchase or repo rate unchanged at 6.50 per cent. Four out of the six members of MPC voted in favour of the rate decision.

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The panel, whose four-year term ends in October, also decided to retain a policy stance at "withdrawal of accommodation" to aid MPC's focus on bringing inflation towards its 4 per cent target.

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