Amid growing industry clamour for a pause in policy rate hikes, the Reserve Bank of India (RBI) today said any change in its monetary policy would depend on inflation.
"Change in rates depends on [price rise] situation. If inflation eases, then there could be some change," RBI Deputy Governor Subir Gokarn said here.
The overall August inflation stood at 9.8%, which much higher than the RBI's comfort level of 5-6%.
The RBI is scheduled to review its monetary policy on October 25 and September inflation data is due on Friday.
Gokarn said that controlling inflation was RBI's main priority and the central bank would continue to hike interest rates if inflation persists.
The country's monetary authority has already hiked rates 12 times since March 2010 in its bid to tame inflation.
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Following a subdued industrial growth numbers for August, leading industry chambers -- CII and Ficci -- have again urged the RBI to pause interest rate hikes.
Industry said that the spiralling input costs such as borrowing, energy and manpower have pushed the inflation scenario.