INDIA: Highlights From August RBI Meeting Minutes
Aug-20 11:37
Highlights from the minutes of the RBI's latest rate setting meeting:
- Malhotra: “Especially the current state of uncertainty on the external front, monetary policy needs to remain watchful.”
- Malhotra: “The CRR cut, that is likely to kick in from next month, will also facilitate further monetary transmission and stimulate economic activity.”
- Kumar: “I also feel that we could continue with the neutral stance to keep our options open in this challenging and complex economic environment.”
- Bhattacharya: “I believe that a pause in monetary policy decisions, both on the repo rate and the stance is appropriate.”
- Singh: “To respond to an unpredictable set of events, it is crucial to maintain policy options, in terms of the number of policy tools that can be used as well as their force. Only the incoming data can help in assessing the inflation with the precision required under the current global economic order”
- Ranjan: “I also feel that the neutral stance of policy should be maintained, as it allows enough flexibility to react to the unfolding growth-inflation dynamics [...] Such an approach leaves the space to act, should downside risks to growth arises and inflation remains on the projected trajectory.”
- Gupta: “I do not see the scope or rationale for a further policy rate cut at this point. I also propose a neutral stance so that the future actions could be data dependent”
Full release here.
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