The Reserve Bank of India surprised markets today by keeping its borrowing costs on hold for a second meeting in a row. The RBI also changed its stance to “neutral” from “accommodative,” saying it would monitor inflation, despite calls for the central bank to support an economy that was dealt a major blow. Prime Minister Narendra Modi, in November, abolished high-value notes in a bid to target unaccounted cash, or “black money.”
The Reserve Bank of India surprised markets by keeping its borrowing costs on hold
