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India’s central bank holds interest rates steady, says growth needs to be ‘self-sustaining’
India’s central bank kept interest rates unchanged on Wednesday in a widely expected move. The Reserve Bank of India’s monetary policy committee voted to keep the repo rate — the rate at which the central bank lends to commercial lenders — unchanged at 4%. The committee agreed to retain the RBI’s accommodative policy stance for as long as necessary to revive and sustain India’s growth momentum, while keeping inflation within target. The RBI’s reverse repo rate, or the rate at which commercial banks lend to the central bank, remained unchanged at 3.35%.“The domestic recovery is gaining traction, but ... (full story)