Dr. Niranjan Hiranandani, President NAREDCO
NEW DELHI: The Reserve Bank of India’s (RBI’s) six-member monetary policy committee (MPC), headed by Governor Urjit Patel, remained firm on its neutral stance, which has been changed from the earlier stance of ‘accommodative’.
“The decision of maintaining ‘status quo’ on rates is consistent with the neutral stance of monetary policy, given the objective of achieving medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of plus/ minus 2 per cent, while supporting growth. The decision of the MPC was on expected lines, no surprise as RBI maintains ‘status quo’, said Dr. Niranjan Hiranandani, President NAREDCO.