RBI policy committee advised keeping rates unchanged in April

All members of the Reserve Bank of India's monetary policy technical advisory committee recommended

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that governor Raghuram Rajan keep interest rates unchanged at its policy review on April 1, according to minutes out on Friday.

That was ultimately the decision taken by Rajan, as the RBI kept the policy repo rate at 8 percent this month because of easing consumer inflation. The decision was in line with market expectations.

In India, the RBI governor decides on monetary policy, while the technical advisory committee serves as a advisory body.

Most members also recommended that RBI should focus on building up forex reserves to manage capital outflow risks, the minutes showed, while one member of the committee was in favour of lowering the banks' statutory liquidity ratio to 22 percent from 23 percent.

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