RBI keeps lending rate unchanged at 6.25%

The Reserve Bank of India (RBI) is expected to leave its policy rate unchanged at 6.25 percent and to soften the stance of the monetary policy on Wednesday afternoon, aimed at striking a balance between bolstering the nation's economic growth and securing the retail inflation target of 4 percentĀ±2 percent on a durable basis, Scotiabank reported.

The Reserve Bank of India cut its main lending rate on Tuesday in a widely expected move to help accelerate growth after inflation stayed under.

According to a Reuters poll of 60 economists, a lot of them expected the RBI's monetary policy committee to maintain status quo on repo rate. "We actually don't believe that.We think the RBI will wait and watch how the inflation trajectory develops".

Inflation data for May will be released next week.

According to data furnished by the Ministry of Statistics and Programme Implementation under a new series April retail inflation rate based on the Consumer Price Index (CPI) was lower than 5.47 per cent recorded during April previous year.

Until a few weeks ago, bond market investors were on guard for a possible future increases in interest rates after the RBI warned of "upside risks" to inflation at its last policy meeting in April.

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Government intends to roll out GST from July 1. "While we would have linked the RBI to cut rates now, it won't".

However, unlike his predecessors, Patel can't exclusively decide the interest rates since he now shares the responsibility with the Monetary Policy Committee (MPC) that he heads. The Consumer Food Price Index (CFPI) during the month under review plunged to 0.61 per cent as compared to 2.01 per cent in March.

The RBI is unlikely to cut rates in its upcoming policy review but the tone of the statement will be less hawkish than the previous one, rating agency ICRA said.

The central bank also projected that inflation will remain in the 2 to 3.5 per cent range for the first half of 2017-18 and in the 3.5 to 4.5 per cent for second half.

On Monday, Union Finance Minister Arun Jaitley had said that the RBi will take a long time to complete counting the banned notes deposited post demonetisation which is to the tune of Rs 14-15 lakh crore, according to media reports. "We are tracking May CPI inflation at about 2.5 per cent, at the lower end of RBI's 2-6 per cent mandate, with daily data showing food inflation continuing to fall in May on a good summer rabi harvest", it added.

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