India’s central bank holds interest rates amid global banking turbulence

India’s central bank has held its benchmark interest rate unchanged, in an unexpected move that came amid banking turbulence in the US and Europe, renewed oil price volatility and as the country’s robust economic growth showed signs of abating.

Reserve Bank of India governor Shaktikanta Das said the central bank’s six-person monetary policy committee had voted unanimously on Thursday to maintain the repo rate at 6.5 per cent, defying expectations of a 0.25 per cent rise and breaking a tightening cycle that began last May.