The Reserve Bank of India on Friday expectedly left its key lending rates unchanged for the fifth consecutive time and predicted faster growth in the world's fastest-growing major economy amid an uncertain outlook on inflation ahead of elections.
The six-member Monetary Policy Committee, consisting of three RBI and an equal number of external members, voted unanimously to keep the benchmark repurchase rate at 6.5 per cent. The central bank raised its forecast for economic growth to 7 per cent from 6.5 per cent, maintaining India's position as the world's fastest-growing major economy.