Kotak Mahindra AMC fixed income head Bisen on RBI Policy
This story was originally published at 11:57 IST on 6 August 2025
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MUMBAI - Abhishek Bisen, head – fixed income, Kotak Mahindra AMC, said the following on the Reserve Bank of India's third bi-monthly monetary policy for 2025-26 (Apr-Mar) detailed on Wednesday:
Despite the downward revision in average inflation projections to 3.10% (from 3.70%) for FY26, the RBI opted to maintain a "wait and watch" approach, keeping policy rates unchanged and (maintaining) "neutral" stance with unanimous vote by all members — in line with expectations of majority market players. The commentary was neutral to hawkish with GDP growth maintained at 6.50% for FY26, inflation projection of 4.40% for Q4FY26 (fourth quarter of FY26), and 4.90% for Q1FY27 (first quarter of FY27). With this commentary and inflation forecast, the bar of any future rate cut is high, unless growth slows down meaningfully due to factors such as tariff related uncertainty. G-sec yields have hardened by 4~5 basis points, and in the near term, the 10-year benchmark is expected to trade within the 6.30%~6.45% range. End
Compiled by Ketaki Patil
Filed by Nishant Maher
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