MUMBAI: Waiting for the scheduled monetary policy meet in June would have meant losing time and opting for a stronger action, RBI governor Shaktikanta Das told members of the MPC before they unanimously decided to go for an off-cycle hike in interest rate on May 4.
According to the minutes of the Monetary Policy Committee (MPC) meeting held from May 2-4, Das said the off-cycle monetary policy actions were aimed at lowering inflation and anchoring inflation expectations with a view to strengthening the medium-term growth prospects of the economy and protecting the purchasing power of the weaker sections of society.
