MPC meeting minutes show controlling inflation now RBI's priority

The central bank earlier this month started to move away from its ultra-loose monetary policy.

Almost all members of India's monetary policy committee argued in favour of action to curb inflationary pressures at their April 6-8 meeting despite continuing risks to economic growth, minutes released on Friday showed.

Although it chose to keep its key lending rate at a record low, the Reserve Bank of India said after the meeting that it would shift away from its ultra-loose monetary policy stance to focus on inflation, which has surged due to the Ukraine war.

In a surprise move, the central bank restored its liquidity adjustment facility corridor to pre-COVID-19 levels, which was seen as a first