RBI minutes show disagreement over policy direction
The Reserve Bank of India (RBI) on August 21 released the minutes of the latest meeting of the technical advisory committee on monetary policy, which show disagreement over the appropriate policy decision.
The minutes noted the impact of slowing growth and high inflation, which may rise further due to failed monsoons, members warned. Based on this assessment, five members suggested the benchmark rate should be maintained at 9%. Two members however suggested there should be a "symbolic" reduction
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