The Reserve Bank of India's monetary policy committee voted 5-1 to hold the repo rate steady, citing persistent food price pressure even as core inflation continues to ease, governor said at Wednesday's briefing.
The committee's dissenting member favoured a modest cut, arguing that growth indicators warranted earlier easing. The majority maintained that food inflation volatility posed too great a risk to near-term price stability.
Markets had broadly priced in a hold, though bond yields eased slightly on the RBI's revised, softer inflation trajectory for the coming two quarters.
