The Reserve Bank of India's six-member Monetary Policy Committee (MPC) unanimously kept the repo rate unchanged at 5.15 per cent on Thursday. Repo rate is the key interest rate at which the RBI lends short-term funds to commercial banks. The MPC however lowered its growth forecast to 5 per cent for the current financial year while maintaining an "accommodative" stance, after inflation breached its medium-term target of 4 per cent for the first time in October after 15 months.
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