The Reserve Bank of India (RBI) has revealed that its six-member monetary policy committee (MPC) members disagree on future rate hikes, with some external members arguing that further tightening could damage the economy’s recovery. The minutes showed that although the RBI kept its lending rate steady for a second consecutive meeting on 8 June, the central bank signalled that monetary conditions would remain tight for some time as it looks to further curb inflationary pressures. External member Ashima Goyal said inflation is falling as expected, and it is important to ensure the real repo rate does not damage the economic cycle, while external member Jayant Varma warned that monetary policy is dangerously close to levels that could cause significant harm to the economy.
Indian Central Bank Members Divided on Further Rate Hikes Amid Emerging Growth Risks
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