The Reserve Bank of India`s Monetary Policy Committee members said easing inflation had supported the need for a rate cut at its August meeting, but warned consumer prices could start accelerating, minutes from its last meeting showed on Wednesday.
The RBI cut the main policy repo rate by 25 basis points to a more than 6-1/2 year low of 6.00 percent on Aug. 2, in a widely expected move, but kept the market guessing on whether there is more space for trimming.
Four members of the MPC, including RBI Governor Urjit Patel, voted for the move, while one voted for a 50 bps cut. The remaining member, RBI executive director Michael Patra, voted to hold rates at 6.25 percent.
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