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At its August monetary policy decision, the Reserve Bank of India (RBI) kept the benchmark repo rate unchanged at 4% and reverse repo rate at 3.35%.

The central bank, however, maintained its accommodative stance.

Key quotes

External demand expected to remain anaemic.

MPC projects real GDP growth for FY21 to be negative.

Space for further monetary policy action is available.

Need to use available monetary space judiciously.

MPC remains watchful for a durable reduction in inflation to use available policy space.