Audio Bulletin: RBI holds repo rate, but changes stance to 'calibrated tightening'

Belying market expectations of a hike, the RBI on Friday held its key lending rate unchanged in the context of an uncertain global economic scenario but turned hawkish, moving to a "calibrated tightening" from the "neutral" stance it has maintained over its six previous policy reviews.

Announcing the fourth bi-monthly policy review of the fiscal, Reserve Bank of India (RBI) Governor Urjit Patel said the Monetary Policy Committee (MPC) has decided to keep the repo, or the short term lending rate for commercial banks, unchanged at 6.5 per cent.