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India keeps interest rate unchanged at 8 percent
(MENAFN) India's central bank kept interest rates unchanged despite growing calls to ease monetary policy, saying a reduction would be "premature", AFP reported.
The Reserve Bank of India (RBI) said the benchmark repo rate, the level at which it lends to commercial banks, would remain at a steep 8.0 percent, in line with analysts' expectations.
"A change in the monetary policy stance at the current juncture is premature. However, if the current inflation momentum continues a change in the monetary policy stance is likely early next year," the bank said.
The Reserve Bank of India (RBI) said the benchmark repo rate, the level at which it lends to commercial banks, would remain at a steep 8.0 percent, in line with analysts' expectations.
"A change in the monetary policy stance at the current juncture is premature. However, if the current inflation momentum continues a change in the monetary policy stance is likely early next year," the bank said.
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