India’s monetary policy makers pitched for front loading interest rate hikes as the central bank plays catch up amid worsening outlook for inflation, minutes released Wednesday of the RBI’s Monetary Policy Committee show.
The minutes shed light on the surprise rate decision by the central bank earlier this month. India’s monetary policy makers unanimously voted to hike interest rates for the first time in nearly four years and moved to drain billions of rupees from the banking system to tame prices.
