The six-member Monetary Policy Committee, headed by RBI governor Urjit Patel, began its three-day policy review deliberations amid expectations of status quo on interest rate.

Experts are of the view that the RBI may not change the benchmark lending rate (repo) despite moderation in economic growth and easing inflation.

In its last bi-monthly monetary policy, the RBI had kept the repo rate (at which RBI lends to other banks) unchanged at 6.5 per cent with warning that volatile and rising oil prices, and tightening of global financial conditions pose substantial risks to the growth and inflation.

The MPC meet will continue till December 5. The decision of the MPC will be placed on the RBI’s website in the afternoon of December 5.

Since the previous policy announcement, the rupee has appreciated against the US dollar and moved above the psychologically crucial mark of 70.

Global crude oil prices too have softened significantly, slipping below USD 60 per barrel from USD 86.

However, India’s economic growth slowed to 7.1 per cent in the September quarter after peaking to an over two-year high in the first three months of this fiscal, as consumption demand moderated and farm sector displayed signs of weakness.

The growth in Gross Domestic Product in July-September is the slowest in three quarters but better than 6.3 per cent in the same period of the previous year.

The Indian economy grew by 8.2 per cent in the April-June quarter, according to data released by the Central Statistics Office. Retail inflation fell to one-year low of 3.31 per cent in October on the back of cheaper kitchen staples, fruits and protein-rich items, official data showed.