Indian central bank warns of inflation as it keeps eye on growth

Mumbai

MINUTES from the Reserve Bank of India's meeting this month showed monetary policy committee members expressing concerns about accelerating inflation, although that was also tempered by uncertainty about the strength of an economic recovery.

The MPC voted 5-1 at the meeting to keep the policy rate on hold at 6.0 per cent and to retain its "neutral" monetary policy stance. RBI executive director Michael Patra was the sole member to vote for a 25 basic point hike.

The minutes released on Wednesday showed widespread concerns among the six MPC members about inflation, which accelerated to a 17-month high of 5.21 per cent in December from a year earlier, driv…