Radhika Rao at DBS Group Research highlights that Reserve Bank of India (RBI) minutes from the early-August meeting were more cautious than Governor Sanjay Malhotra’s public messaging. Most members adopted a neutral-to-cautious stance, with Deputy Governor Poonam Gupta firmly pushing back on rate-cut expectations. The inflation outlook remains conditional on monsoon performance, El Niño risks and geopolitical developments, keeping potential tightening risks alive.
Cautious RBI tone keeps tightening risk
“Across the ocean, RBI minutes from the early-August policy meeting, released late Wednesday, were more cautious than the Governor’s messaging…
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