India Central Bank Holds Rates Unchanged

(RTTNews) - The Reserve Bank of India left its key interest rates unchanged on Thursday, defying expectations for a quarter-point reduction, as tries to keep inflation in check after the economy started showing signs of recovery after businesses started opening up following the relaxation of the lockdown restricitions to battle the coronavirus pandemic.

The Monetary Policy Committee decided to hold the repo rate unchanged at 4 percent, the central bank said in a statement.

The reverse repo rate was held steady at 3.35 percent and the marginal standing facility rate and the Bank Rate at 4.25 percent.

"The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward," the bank said.
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