Majority of the members of the RBI's Technical Advisory Committee (TAC) on Monetary Policy had proposed that the apex bank should not make any change in its policy rate.

The RBI revealed that the members of the TAC on Monetary Policy had suggested status quo in the policy rates prior to the first quarter review of monetary policy on 31st of July.

In the review of monetary policy, the RBI left the repo and reverse-repo unchanged.

The RBI said in a statement, "Of the seven external members, five suggested that the RBI should not change the policy rate."

The central bank added that the members who suggested the status quo felt that given the double-digit consumer price inflation and no practical expectation of concrete action from the government, the central bank needed to focus on tempering inflation expectations.

The remaining two of the seven members of the committee proposed a symbolic reduction of 25 basis points in the policy rate to stimulate investment.

One member suggested that the open market operations (OMOs) should be used more actively to improve reserve money growth and ease the liquidity conditions.