India keeps interest rate unchanged

India's central bank yesterday kept interest rates at a seven-year-low despite inflation concerns and a recent spurt in economic growth, reports AFP from Mumbai.

The Reserve Bank of India (RBI) said the benchmark repo rate -- the level at which it lends to commercial banks --- would remain unchanged at 6.0 percent.

Analysts had predicted the central bank would not move despite rising global oil prices.Monetary authorities are also anxious not to cause jitters after a $2 billion fraud scandal at the country's second largest state lender Punjab National Bank (PNB).

The central bank's policy report said inflation was expected to firm up before moderating for the financial year 2018-19. It also expressed concerns over rising oil prices.

It said "volatile" international prices in recent weeks have "adversely impacted the outlook for crude oil prices".

 

India keeps interest rate unchanged

Indias central bank yesterday kept interest rates at a seven-year-low despite inflation concerns and a recent spurt in economic growth, reports AFP from Mumbai. The Reserve Bank of India (RBI) said the benchmark repo rate -- the level at which it lends to commercial banks --- would remain unchanged at 6.0 percent. Analysts had predicted the central bank would not move despite rising global oil prices.Monetary authorities are also anxious not to cause jitters after a $2 billion fraud scandal at the countrys second largest state lender Punjab National Bank (PNB). The central banks policy report said inflation was expected to firm up before moderating for the financial year 2018-19. It also expressed concerns over rising oil prices. It said volatile international prices in recent weeks have adversely impacted the outlook for crude oil prices.