The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), in its Monetary Policy review released on 5 August 2022, decided to
The 6 member MPC voted unanimously in favour of the policy rate hikes. All members voted to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth. Prof. Jayanth Varma expressed reservations on this part of the resolution. The RBI’s medium-term target for consumer price index (CPI) inflation is 4 per cent within a band of +/- 2 per cent.