Banking

RBI Keeps Repo Rate Unchanged at 6%

The central bank also kept the reverse repo rate unchanged at 5.75%.

People walk past a barricade inside the Reserve Bank of India (RBI) headquarters in Mumbai, India June 7, 2017. Credit: Reuters

People walk past a barricade inside the Reserve Bank of India (RBI) headquarters in Mumbai, India June 7, 2017. Credit: Reuters

Mumbai: The Reserve Bank of India (RBI) kept its policy rate unchanged at a near seven-year low of 6% on Wednesday despite a sharp slowdown in economic growth, after a surge in consumer inflation to a five-month high.

All but three of the 60 analysts polled by Reuters had expected RBI to keep the repo rate steady.

Five members of the monetary policy committee voted to keep rates unchanged, with one voting for at least a 25 bps cut.

The RBI also kept the reverse repo rate unchanged at 5.75%.

(Reuters)