RBI Monetary Policy | How new MPC members voted in the 25th meeting

The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the decisions taken by the central bank's Monetary Policy Committee (MPC) on October 9. The RBI left key interest rates unchanged but signalled more easing ahead to support an economy that it sees contracting 9.5 percent in the current fiscal.

The 25th meeting of the six-member rate-setting Monetary Policy Committee (MPC), with three new external members -- Ashima Goyal, Jayanth R Varma and Shashanka Bhide -- began on October 7. This was the maiden meeting of the new members who were appointed just a day before the meeting for a term of four years.

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In the meeting, all members of the MPC – including the three new members along with Mridul K Saggar, Michael Debabrata Patra and Shaktikanta Das -- voted unanimously to retain the benchmark repurchase or repo rate at 4 percent.

However, five members voted to continue with the accommodative stance at least during the current financial year and into the next financial year. Jayanth R Varma voted against this formulation, as per the Monetary Policy Statement, issued by the RBI.

The central bank had slashed the repo rate by 115 basis points since late March to support growth.