The Reserve Bank of India’s (RBI) monetary policy committee’s (MPC) decision to keep interest rates steady at 6% on October 4 may have been right, Michael Patra, executive director at the central bank, said in a speech last month. RBI made the speech public only on Monday. “Against this backdrop of its appraisal of the evolution of macroeconomic and financial conditions, the MPC decided to hold the policy rate unchanged and maintain a neutral policy stance. In the reactions that followed, there seemed a central tendency that the MPC may have called right,” Patra had said in a speech on October 27 at the Jaipur regional office of the RBI. Patra also said in the MPC’s assessment.

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