RBI MPC Meeting Live: ‘Central bank has preserved flexibility’

“The RBI delivered a widely anticipated hold on policy rates, balancing resilient growth amidst still-contained inflation outlook. By maintaining a neutral stance, the central bank has preserved flexibility rather than signalling a tightening bias. We remain constructive on high quality fixed income instruments and expect yield movements to be driven more by global geo-political developments that may impact inflation outcome, than by expectations of future policy actions,” says Rahul Goswami, CIO & MD, India Fixed Income, Franklin Templeton.

14:50 (IST) Aug 05

RBI MPC Meeting Live: What it means for REITs and InvITs

“The RBI’s decision to hold the repo rate at 5.25% reinforces stability in the cost-of-capital environment, but the bigger story for India’s listed real assets is the deepening of the capital pool. With the proposed framework for depository receipts potentially opening REITs and publicly listed InvITs to a wider base of global investors, the next phase of growth may be less about lower rates and more about making Indian real assets investable globally.

For REITs and InvITs, this puts the focus squarely on the quality and resilience of underlying cash flows, distribution per unit (DPU) growth and asset fundamentals. A broader global investor base can deepen liquidity and price discovery, while giving long-duration international capital more direct access to India’s real estate and infrastructure growth story. Over time, this could move the conversation from India attracting foreign capital to Indian real assets becoming a more meaningful component of global asset allocation,” says Chanakya Chakravarti, Global Real Estate Investor and Capital Strategist.

13:24 (IST) Aug 05

RBI MPC Meeting Live: ‘Favorable sign for the luxury real estate market’

“Maintaining the repo rate by RBI is a favorable sign for the luxury real estate market. Interest rate stability increases confidence levels amongst the high net worth individuals and non-resident Indians, which helps in making informed decisions for investing in expensive and valuable properties. Although this segment of real estate market is less susceptible to interest rates, yet stability in policy makes them more favorable for investment in luxury property segments,” says Ravikant, Co- Founder Elegance Infra and Enterprises.

13:24 (IST) Aug 05

RBI MPC Meeting Live: ‘Much-needed predictability to the market participants’

"Maintaining the repo rate is a prudential decision by the RBI that has come about after weighing various factors regarding the need to balance between fostering economic growth and preserving macroeconomic stability. A steady interest rate regime gives much-needed predictability to the market participants, which enables them to take important decisions in a more structured manner. The real estate segment is also benefited by policy consistency, and this helps in improving buyer sentiment, proper planning of projects, and ensuring financial discipline within the industry. The fast-paced growth in the infrastructure segment and the strength in demand levels mean that a steady monetary policy would help in keeping the investment momentum going,” says Ashish Bhutani, CEO, Bhutani Infra.

RBI MPC Meeting Live: Plastic notes by next financial year, says RBI governor

12:53 (IST) Aug 05

RBI MPC Meeting Live: ‘Cautious but steady hand amid an increasingly unsettled global backdrop’

"Today’s MPC outcome reflects a cautious but steady hand amid an increasingly unsettled global backdrop. The MPC's unanimous decision to hold the repo rate at 5.25% and retain the neutral stance was in line with expectations, and a clear signal that policy continuity is the most prudent course until clearer disinflation cues emerge. Importantly, inflation remains well within the RBI's 2 to 6% tolerance band. Headline CPI has edged above the 4% central target, printing 4.4 percent in June and projected at 5% for 2026-27, with the trajectory expected to peak at 5.9% in the third quarter. The RBI has rightly characterised this as a supply-side story led by food and fuel, with core inflation, which excludes food and fuel, staying moderate at a projected 4.3%. On growth, the resilience is notable, with real GDP projected at 6.7% for the year and a strong 7.3% forecasted for the first quarter of 2027-28. The monsoon, oil prices, and trade policy remain the key variables to watch into October,” says Rajeev Sharan, Head of Research, Brickwork Ratings.

RBI MPC Meeting Live: ‘Greater predictability in funding for developers’

“At a time when businesses are cautiously optimistic about expansion, the decision by RBI to maintain a supportive stance is welcome. The housing sector has been witnessing healthy demand, supported by lower home loan rates and strong consumer confidence. A stable interest rate regime ensures greater predictability in funding for developers, facilitating smoother project execution, while also enabling homebuyers to make long-term financial decisions with enhanced confidence supported by stable EMIs. This continuity not only strengthens overall market sentiment but also sustains demand momentum across segments, reinforcing real estate’s standing as a resilient and progressively evolving asset class. Overall, India’s macroeconomic resilience, supported by steady growth and a stable financial system, continues to underpin long-term confidence in the real estate sector, even as global headwinds persist. With infrastructure growth, urbanization, and rising consumer aspirations driving long-term demand, a growth-oriented monetary policy can play a significant role in sustaining demand across segments and provide further momentum to the real estate sector’s growth in the coming quarters,” says Ramani Sastri - Chairman & MD, Sterling Developers.

12:11 (IST) Aug 05

RBI MPC Meeting Live: Why is rupee not appreciating despite measures?

“I think the underlying fundamentals of our Indian economy are very strong. There can be an argument, that it is perhaps real effective exchange rate terms may be undervalued. There is a lot of uncertainty. It is quite possible going forward as the conflict deescalates the rupee may further strengthen. It has strengthened over the last one month or so. It has strengthened from 97 levels now to about 95 levels. Our policy has always been that the markets determine the prices level and the band. We only intervene in case there is an excessive volatility. There are speculative pressures that are getting built in, and it is it will be our endeavor that the trajectory for rupee remains orderly, and there is no disruptive movement, or there is no expectation-you know-self-fulfilling expectations getting built into the exchange rate,” said RBI governor Sanjay Malhotra in post-policy presser.

RBI MPC Meeting Live: Sanjay Malhotra on inflation

“The framework is very clear. I don't think there is there should be any confusion about the framework. Our target is headline inflation, which is the target which has been given to us, and we'll continue to be guided by the headline inflation, and it will be our commitment. It is our endeavor to bring the headline inflation in line with the target over the medium term,” said RBI governor Sanjay Malhotra in post-policy presser.

We are neither dovish nor are we hawkish

RBI governor Sanjay Malhotra

11:56 (IST) Aug 05

RBI MPC Meeting Live: ’Statement highlights the strengths of the economy’

“The RBI has maintained status quo on rates and stance. This has been buttressed by a marginal hike in GDP forecast by 10 bps and decline in inflation by 10 bps – indicating higher growth and lower inflation which warrants a status quo view. Therefore, the commentary has also been neutral. The statement highlights the strengths of the economy which is evident from different indicators which gives a sense that growth will be on the steady path. Inflation is not a concern today but will remain elevated in Q3 and Q4 of this year as well as Q1 of FY28, though will be lower at 5.3%. This suggests that there can be a rate hike probably towards the end of the CY2026 in case these inflation numbers materialize, says Madan Sabnavis, Chief Economist at Bank of Baroda.

11:42 (IST) Aug 05

RBI MPC Meeting Live: ‘Housing market has shown remarkable resilience’

Ashok Singh Jaunapuria, Managing Director & CEO, SS Group, said, "The RBI's decision to keep the repo rate unchanged at 5.25% provides stability and continuity, which are equally important for the real estate sector at this stage. While a rate cut would have further improved affordability, a steady interest rate environment gives homebuyers the confidence to plan their purchases without concerns over rising borrowing costs. It also enables developers to plan project execution and investments with greater certainty. Over the last few years, the housing market has shown remarkable resilience, supported by strong end-user demand, improving infrastructure and a positive economic outlook. Today, buying decisions are increasingly driven by long-term value, connectivity and quality of development rather than interest rates alone. We believe that a stable policy environment, backed by continued infrastructure investments and strong consumer confidence, will help sustain the momentum in the residential market and support healthy growth in the quarters ahead."

RBI MPC Meeting Live: ‘RBI has paused, but it is not yet at ease’

“The RBI has paused, but it is not yet at ease. By holding the repo rate at 5.25% and retaining a neutral stance, the MPC has signalled that growth remains resilient, while the room for further easing has narrowed. Inflation is again the policy’s central concern: an uneven monsoon, renewed pressure on food prices and volatile crude oil leave the outlook unusually uncertain. The RBI will therefore prefer patience over pre-emption, awaiting clearer evidence before moving again. For markets, policy stability is supportive, though the more durable equity case rests on improving earnings, strengthening investment activity and resilient domestic flows,” says Sujan Hajra, Chief Economist & Executive Director, Anand Rathi Group.

11:11 (IST) Aug 05

RBI MPC Meeting Live: ‘Housing demand and investment activity to be sustained’

“We view it as a well-calibrated move in an environment marked by inflationary pressures arising primarily from supply-side factors and ongoing geopolitical uncertainties. The decision underscores the central bank's balanced approach of supporting economic growth while remaining watchful of evolving global and domestic risks. A stable interest rate environment is likely to reinforce buyer confidence, provide greater certainty to businesses and investors, and ensure continued access to affordable financing. For the real estate sector, this policy continuity is expected to sustain housing demand and investment activity, particularly across residential and commercial segments, while supporting the sector's long-term growth trajectory,” says Shishir Baijal, International Partner, Chairman and Managing Director, Knight Frank India.

11:03 (IST) Aug 05

RBI MPC Meeting Live: Importantly, tone of policy was relatively neutral

"A status quo on the policy rate and stance by the MPC in the August 2026 meeting was a foregone conclusion, given the limited evidence of generalisation of inflationary pressures so far. Amidst considerable volatility engendered by geopolitics and the monsoon, the Committee’s growth and inflation forecast were tweaked marginally, and we believe that these are appropriate for an average crude oil price of $80-85/barrel and a moderate rainfall deficit. Importantly, the tone of the policy statement was relatively neutral, and does not suggest that rate tightening is imminent,” says Aditi Nayar, Chief Economist, ICRA Ltd.

10:47 (IST) Aug 05

RBI MPC Meeting Live: Realised inflation lower than projections

“Headline CPI inflation edged up above the target, as expected. The realised inflation for Q1, however, remained marginally lower than projections reflecting limited pass-through of cost pressures. The higher inflation is mostly on account of fuel and food with little signs of generalisation of price pressures so far,” said the MPC statement.

RBI MPC Meeting Live: What it means for real estate sector

"The RBI's decision to hold the repo rate, at 5.25%, for a fourth straight time reflects a calibrated approach at a time when rising crude prices, food inflation and continued geopolitical uncertainty continues to demand prudence over policy activism. For real estate, rate stability is a positive signal heading into the festive season, which is typically the strongest period for housing demand in India. Predictable borrowing costs give homebuyers the confidence to act on long-deferred purchase decisions, while developers benefit from a stable financing environment to plan launches around the festive calendar. We expect this continuity to support healthy residential sales momentum through the second half of 2026, particularly in the mid and premium segments where affordability is closely tied to interest rate sentiment.

Our commercial real estate fundamentals remain strong. Office demand is robust, warehousing and data centers continue to attract capital, and residential markets in key cities have sustained their momentum. The MPC still has a balancing act ahead, it must protect growth while staying watchful of an inflation - which it says is likely to peak in the October-December quarter. Yet India's underlying strengths - a strong investment pipeline and resilient domestic demand - give us reason for confidence heading into the second half of the year,” says Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE.

10:32 (IST) Aug 05

RBI MPC Meeting Live: Impact of El Niño

“Going forward, El Niño’s impact on temporal and spatial rainfall distribution continues to remain a risk, although proactive supply management and adequate stocks of foodgrains could provide buffers,” the MPC statement said.

10:29 (IST) Aug 05

RBI MPC Meeting Live: India’s strong fundamentals

“Global economic conditions and sentiments continue to remain hostage to the rapidly oscillating developments, both in scale and intensity of the West Asia conflict. While these have impacted the domestic growth inflation outlook adversely, the stronger macroeconomic fundamentals of the Indian economy are helping navigate this global shock resolutely,” said RBI governor Sanjay Malhotra.

10:28 (IST) Aug 05

RBI MPC Meeting Live: What the policy means for households

"The RBI's decision to keep the repo rate unchanged at 5.25% while retaining the neutral stance suggests that inflation remains the MPC's primary focus for now. While economic activity continues to show resilience, the recent uptick in inflation, driven largely by food and fuel prices, along with geopolitical uncertainties and volatility in global energy prices, means the RBI is likely to seek greater confidence that price pressures are easing before considering any further policy action.

For households, this means little immediate change. Existing borrowers are unlikely to see any change in EMIs in the near term, while deposit rates are likely to remain broadly stable. For now, inflation is likely to remain a more immediate consideration for household finances than expectations of lower borrowing costs,” says Adhil Shetty, CEO, Bankbazaar.

RBI MPC Meeting Live: Sanjay Malhotra on rupee

“As for the exchange rate, as mentioned earlier, we will continue with our policy of it being determined by market forces, while at the same time curbing excessive volatility, checking speculative behavior, and preventing disorderly movements, so as to ensure that it is not out of sync with the fundamentals, or it is not disruptive of economic activity. For this purpose, we have a very broad range of effective regulatory and market-based instruments,” said RBI governor Sanjay Malhotra.

10:21 (IST) Aug 05

RBI MPC Meeting Live: Healthy BoP surplus expected

“Capital flow measures undertaken in June will support inflows. As a result, the balance of payments is expected to register a healthy surplus,” said RBI governor Sanjay Malhotra.

10:21 (IST) Aug 05

RBI MPC Meeting Live: Forex reserves adequate

India's foreign exchange reserves continue to be adequate in terms of the standard metrics of reserve adequacy with import cover of over 10 months and external debt cover of almost 91%, said RBI governor Sanjay Malhotra.

10:19 (IST) Aug 05

RBI MPC Meeting Live: Sanjay Malhotra on capital adequacy

“The system-level financial parameters relating to capital adequacy, liquidity, asset quality, and profitability of the scheduled commercial banks continue to remain healthy,” said RBI governor Sanjay Malhotra.
RBI MPC Meeting Live: Tight rope walk for RBI

“The RBI interest rate as widely expected stays unchanged with the Monetary policy stance continuing to be neutral. Benign core inflation combined with marginally higher headline inflation and anchored inflation expectations, resulted in the decision. It’s a tight rope walk between growth and stability that the RBI has done again with dexterity,” says Vivek Iyer, Partner and Financial Services Risk Advisory, Grant Thornton Bharat.

10:16 (IST) Aug 05

Credit growth continues to remain robust and broad-based across various sectors.

RBI governor Sanjay Malhotra

10:14 (IST) Aug 05

RBI MPC Meeting Live: Inflation projected at 5%

CPI inflation for this year is now projected to be 5%, 10 basis points lower than our earlier projections, with Q2 at 4.7%, Q3 at 5.9%, and Q4 at 5.5%. Inflation for Q1 is projected at 5.3% with risks being evenly balanced, said RBI governor Sanjay Malhotra.

10:12 (IST) Aug 05

RBI MPC Meeting Live: FY27 GDP growth outlook revised upwards

“Real GDP growth for this year is now projected at 6.7% This is about this is 10 basis points higher than our previous projections. Q1 at 7%, Q2 at 6.4%, Q3 at 6.5%, and Q4 at 6.8%. The risks are evenly divided,” said RBI governor Sanjay Malhotra.

RBI MPC Meeting Live: FTAs expected to help

Net external demand is expected to derive strength from bilateral trade agreements, many of which have been recently concluded, and many of and some of which are now being operationalized, as well as the market diversification efforts of our manufacturers, said RBI governor Sanjay Malhotra.

10:10 (IST) Aug 05

RBI MPC Meeting Live: Agriculture outlook clouded

“Looking ahead, prospects for agriculture are clouded by deficient and uneven Southwest monsoons amidst El Nino conditions. The reservoir levels, which remain close to normal, bode well. The government's initiatives for crop diversification, including short duration as well as climate resilient crops and water harvesting and conservation intra-alia are expected to mitigate the impact of deficient rainfall,” said RBI governor Sanjay Malhotra.

10:09 (IST) Aug 05

RBI MPC Meeting Live: Economy performed better than expected

“Merchandise exports rebounded with double-digit growth. Services exports. growth sustained its momentum. Overall, the Indian economy performed better than expected in Q1,” said RBI governor Sanjay Malhotra.

10:08 (IST) Aug 05

RBI MPC Meeting Live: Healthy economic indicators

“Amidst persistent global uncertainty, domestic economic activity has exhibited resilience, as reflected by the high-frequency indicators available for Q1. Early results of corporates for Q1 indicate healthy performance in the manufacturing sector,” said RBI governor Sanjay Malhotra.

RBI MPC Meeting Live: Sanjay Malhotra on policy rationale

“Growth, albeit resilient, is expected to be lower in this financial year. The outlook, however, is hazy because of the uncertainties regarding Southwest Monsoon, El Nino, geopolitics, and global trade policy. There is a need for greater clarity to emerge, especially regarding inflation, its path, and composition, before taking any policy action,” said RBI governor Sanjay Malhotra.

10:06 (IST) Aug 05

Growth continues to be supported by the resilient domestic demand.

RBI governor Sanjay Malhotra

10:05 (IST) Aug 05

RBI MPC Meeting Live: Inflation expected to rise in near term

“Headline inflation is expected to rise further in the near term. It is expected to peak in Q3 of this year, primarily due to food and fuel, and thereafter moderate. The underlying inflation reflected by core inflation, excluding precious metals, which has been benign for some time, is set to align with core inflation towards the end of the financial year,” said RBI governor Sanjay Malhotra.

10:04 (IST) Aug 05

RBI MPC Meeting Live: Repo rate unchanged

“The Monetary Policy Committee met for its third bi-monthly meeting of this financial year on third, fourth, and fifth-that is today-to deliberate and decide on the policy repo rate. After a detailed assessment of the evolving macroeconomic and financial developments, as well as the outlook, the MPC decided unanimously to keep the policy repo rate unchanged at 5.25 percent,” said RBI governor Sanjay Malhotra.

RBI MPC Meeting Live: ‘Global global growth projected to soften’

The global economic environment has become increasingly unstable. Global global growth is projected to soften, while inflation forecast is higher for 2026, said RBI governor Sanjay Malhotra.

09:56 (IST) Aug 05

RBI MPC Meeting Live: What MSMEs want

Shrikant Goyal, Co-Founder of Getfive, said that although inflation has edged higher in recent months, it continues to remain within the RBI's comfort zone.

"Thus, we expect the central bank to maintain the status quo on the policy rate front, which will go a long way in supporting the MSME sector in general and the broader economy as a whole," he said.

09:47 (IST) Aug 05

RBI MPC Meeting Live: Neutral stance likely

“We expect the MPC to keep its rates and neutral stance unchanged this week, while reiterating a data-driven wait-and-watch approach. The policy tone is likely to be cautious albeit constructive, balancing uncertainties from the Middle East conflict, tighter global financial conditions, and El Niño risks as against resilient domestic growth and robust FCNR+ inflows. We do not expect any meaningful changes to the RBI's growth or inflation forecasts. Instead, the focus is likely to be on the impact of FCNR+ inflows on external accounts, the INR, and liquidity management. We reckon that the RBI has offset a large part of the FCNR-driven liquidity injection by taking delivery of its forward positions, although core liquidity remains elevated at ~Rs5.4trn due to high government cash balances. We expect core liquidity to peak in 2QFY27 before normalizing in 2HFY27, as the FCNR+ window closes and currency leakage picks up. Accordingly, the RBI is more likely to rely on temporary liquidity absorption measures rather than tighten its policy stance,” says Emkay Global Financial Services.

09:21 (IST) Aug 05

RBI MPC Meeting Live: Stock market opens in green

Ahead of the RBI policy, markets opened in green even as the divergence in Sensex and Nifty continued after the new CAS mechanism was implemented from the start of this week.

At 9:18 AM, Nifty50 was trading at 24,647.05, up 32 points or 0.13%. BSE Sensex was at 78,909.27, up 480 points or 0.61%.

RBI MPC Meeting Live: Why MPC may hold and not hike rates

“The RBI monetary policy committee (MPC) is expected to keep the benchmark rate unchanged at 5.25% this week, whilst maintaining the neutral stance as well as economic projections. We anticipate a cautious policy statement, that underscores the need for continued vigilance on the inflation outlook, while placing greater emphasis on core inflation as a more reliable measure of underlying price pressures rather than headline inflation, which has been influenced by both domestic and global supply-side factors. Against this backdrop, the committee is likely to push back against market expectations of a more aggressive tightening path reflected in implied rates.

For the path ahead, the markets will be watchful of developments in West Asia and signs of any change in the US Fed’s policy outlook in second half of 2026. These developments will have important implications for the rupee, capital flows, and interest rate differentials. In the near term, the anticipated recovery in portfolio inflows, together with continued inflows via the swap windows, should provide a constructive backdrop for onshore markets,” says Radhika Rao, Senior Economist & Executive Director at DBS Bank.

09:00 (IST) Aug 05

RBI MPC Meeting Live: ‘Global uncertainties weigh’

Mandar Pitale, Head of Financial Markets at SBM Bank (India), said the prevailing growth-inflation mix suggests that risks to economic growth are more pronounced, while inflation is expected to remain manageable in the near term.

"This coupled with elevated global uncertainties, may result in MPC not considering the rate hike option in a hurry during the forthcoming MPC meeting in August," he said.

08:59 (IST) Aug 05

RBI MPC Meeting Live: What housing sector wants

Pradeep Aggarwal, Founder and Chairman of Signature Global (India), said the upcoming MPC meeting is taking place against a backdrop of elevated global uncertainty arising from geopolitical tensions, trade disruptions and volatile commodity prices.

He said the current low interest rate environment has encouraged more first-time and end-use homebuyers to enter the housing market.

"Maintaining this supportive policy stance will help sustain housing demand, strengthen allied industries, and continue contributing meaningfully to India's economic growth," Aggarwal said.

08:33 (IST) Aug 05

Given that the US Fed is going for a pause, and crude oil prices, while volatile, are still under downward pressure from their highs, there is some breathing room for the MPC. While there is an upward movement in inflation, it is still within the target band. We therefore expect the MPC to wait and watch and go for another pause at this meeting too.

Ranen Banerjee, Partner and Leader, Economic Advisory, PwC India

RBI MPC Meeting Live: Why no hurry for rate hikes

Mandar Pitale, Head of Financial Markets at SBM Bank (India), said the prevailing growth-inflation mix suggests that risks to economic growth are more pronounced, while inflation is expected to remain manageable in the near term.

"This coupled with elevated global uncertainties, may result in MPC not considering the rate hike option in a hurry during the forthcoming MPC meeting in August," he said.

08:12 (IST) Aug 05

RBI MPC Meeting Live: ‘RBI’s decisions to continue tracking data’

D K Srivastav, Chief Policy Advisor at EY India, said India's GDP growth for the first quarter is likely to be in the range of 7.1% to 7.3%. He noted that average consumer price index (CPI) inflation during the April-June period remained close to the MPC's medium-term target of 4%.

"...the monetary policy committee is likely to keep the repo rate unchanged at 5.25 per cent in its August 2026 monetary policy review... Going forward, RBI’s decisions regarding the policy rate will remain data-dependent given the continuing uncertainty regarding crude oil prices linked to the Middle-Eastern situation," Srivastav said.

08:11 (IST) Aug 05

RBI MPC Meeting Live: ‘Neutral stance expected’

Vinay Pai, Managing Director and Head of Fixed Income at Equirus Capital, said the RBI's upcoming policy decision is expected to be driven primarily by domestic factors such as inflation, liquidity and economic growth, rather than closely tracking global monetary policy trends.

"However, if elevated global yields persist and portfolio debt inflows moderate, the RBI is likely to maintain a neutral and cautious policy stance rather than aggressively ease rates," Pai said.

08:11 (IST) Aug 05

RBI MPC Meeting Live: ‘MPC may prefer to wait for clarity’

Dipti Deshpande, Senior Director and Principal Economist at Crisil Ltd, also expects the Reserve Bank of India to leave policy rates unchanged at its August monetary policy review.

"While the MPC may acknowledge emerging inflationary risks, we believe it will prefer to wait for greater clarity on the implications of two key shocks, namely the prolonged conflict in West Asia and ongoing monsoon uncertainties, for the growth-inflation dynamic.

"Both factors pose risks to the growth and inflation outlook, presenting policymakers with an increasingly delicate trade-off," Deshpande said.

RBI MPC Meeting Live: ‘MPC likely to maintain status quo’

Madan Sabnavis, Chief Economist at Bank of Baroda, said the policy review comes against a backdrop of continued global uncertainty, with little visibility on when the ongoing conflict will end. As a result, he said, crude oil prices and currency movements are likely to remain volatile and difficult to predict.

"At the same time, we have seen inflation inching upwards and it does look like that it will continue to move in the upward direction as food prices have started rising partly due to the season effects as well as monsoon.

"Growth on the other hand, going by high frequency indicators, is steady. Against this background, the MPC is likely to maintain status quo on repo rate as well as the stance," Sabnavis said.