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At its October monetary policy decision, the Reserve Bank of India (RBI) left the benchmark repo rate unrevised at 4% and reverse repo rate at 3.35%, as widely expected.

The central bank Governor Shaktikantha Das, however, said that the board members decided to retain an accommodative monetary policy stance.

Key quotes

Stance will stay this year and next year.

Stand ready to take further measures on liquidity.

RBI will conduct special and outright bond purchases.

Will increase bond purchase size.

Real GDP seen declining 9.5% in FY21.