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Status quo maintained, but monetary stance considered irrelevant. Rates to remain unchanged. MPC interest rate decision voted 5 to 1. Financial markets volatile, with banking shares retreating. Experts believe rate easing odds have lengthened. ....
Prof Jayanth R. Varma voted to reduce the policy repo rate by 25 basis points. While other members Shashanka Bhide, Ashima Goyal, Rajiv Ranjan, Michael Debabrata Patra and Shaktikanta Das voted to keep the policy repo rate unchanged at 6.50 per cent. ....