Monetary policy committee

The committee that sets India's policy rate, operating under an inflation-targeting mandate.

Each decision is published with a vote record and a stance. Minutes follow after a delay, and they carry more information than the decision because they show the range of views and the reasoning.

For a market participant the stance matters as much as the rate. A hold with a change in stance signals the direction of the next move, and bond markets price the signal immediately.

Read the minutes. Headlines tell you less.