The Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5% during its October 7-9 monetary policy committee (MPC) meeting, marking the 10th consecutive decision to maintain the rate.

However, the MPC also changed its policy stance to “neutral,” signalling the possibility of a rate cut as early as December. Five out of six members of the MPC voted to keep the repo rate steady, while all six members supported moving from the “withdrawal of accommodation” stance, which had been in place for two years.

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A neutral stance suggests the RBI is now equally focused on managing inflation and supporting economic growth, allowing for flexibility to either raise or lower rates depending on economic conditions.

This is the first meeting of the MPC after the government appointed three new external members to the panel. The newly appointed members are economist Saugata Bhattacharya, Dr Nagesh Kumar, and Ram Singh. They replace Shashanka Bhide, Ashima Goyal, and Jayanth R Varma, who previously served on the panel.

RBI Governor Shaktikanta Das, who chaired the meeting, will hold a press conference later today to provide more details on the policy decision.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.