The Reserve Bank of India (RBI) on Thursday unexpectedly kept benchmark interest rates unchanged. After five consecutive cuts in interest rates this year, the six-member monetary policy committee (MPC) headed by RBI Governor Shaktikanta Das unanimously voted to hold the key repo rate at 5.15 per cent and reverse repo rate at 4.90 per cent. Bankers and economists had widely expected the central bank to cut rates for a sixth time to support a slowing economy. The RBI, however, reiterated it would maintain an 'accommodative' stance as long as it is necessary to revive economic growth but cut its GDP growth forecast to 5% for the 2019-20 fiscal year (April to March) from 6% earlier estimate.
RBI Leaves Key Lending Rates Unchanged. Read Full Statement Here
RBI on repo rate: After five consecutive cuts in interest rates this year, the six-member MPC unanimously voted to hold the key rate at 5.15%.