Going against market expectations and its global counterparts, India’s central bank, the Reserve Bank of India (RBI), in its February monetary policy, unanimously left policy rates unchanged with repo rate at 4 per cent and reverse repo rate at 3.35 per cent. It also retained the accommodative stance in a 5:1 vote. This was the first monetary policy committee (MPC) meeting after the Union Budget 2022, which focused on accelerating economic growth than on boosting consumption.