However, the comments were more hawkish than some traders expected. RBI Executive Director M D Patra had even favoured a pre-emptive 25-basis-points repo rate hike to contain inflationary pressures, although he finally joined the rest of the panel in voting 6-0 to keep rates unchanged.
Also, comments by Chetan Ghate, an external member of the panel, were seen by traders as pointing to the prospects a rate hike sooner rather than later.
A rate-tightening move would be the RBI's first such since January 2014, when previous governor Raghuram Rajan was responding to a rupee crisis that had sent the currency to record lows.
"The minutes of the RBI's 6 April policy meeting suggest that the next move will likely be a hike, as highlighted by two MPC members," said Nomura in an email to clients.
The 10-year benchmark bond yield rose as much as 8 bps to 6.96 per cent - its highest since September, from its 6.88 per cent close on Thursday.
A Reuters poll conducted during April 10-19, before the minutes were released, showed a majority of analysts expected the RBI to keep rates on hold this year, although seven had expected a 25 bps cut and two had seen a 25 bps hike.
Some traders had still expected the RBI to cut rates given lingering concerns about economic growth after India in November removed high-value currency bills from circulation, but those hopes were now dented.
"We were expecting a rate cut in August. But after Patra's statement, we are revisiting our strategy today and will probably buy at 7.00 per cent. We no longer expect a rate cut in August," said a treasurer at a state-run bank.
"Before the minutes came we had planned to buy the 10-year at 6.90 (per cent) levels," he added.
Meanwhile, the 5-year benchmark overnight indexed swap was at 6.72 per cent and 1-year was at 6.48 per cent, each up 5 basis points from Thursday.