Monetary policy committee

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

Its decisions are published with a vote record, a stance, and minutes released after a delay, and the minutes 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, not the headline.