Indian central bank holds rates steady as expected amid accelerating inflation

• The Reserve Bank of India held rates steady on Thursday as it attempts to combat inflation that has accelerated to its highest levels in more than five years.
• The central bank decided to leave the key repo rate unchanged at 5.15% and the reverse repo rate at 4.9%.
• All six committee members voted in accord, and the decision was in line with expectations of economists polled by Reuters.

The Reserve Bank of India (RBI) logo is displayed outside of the bank's headquarters in Mumbai, India, on Tuesday, Aug. 9, 2011.

Kainaz Amaria | Bloomberg | Getty Images

The Reserve Bank of India held rates steady on Thursday in a bid to combat inflation that has accelerated to its highest levels in more than five years, but the central bank retained its accommodative monetary policy stance as growth remains lackluster.

The central bank's Monetary Policy Committee (MPC) decided to leave the key repo rate unchanged at 5.15% and the reverse repo rate at 4.9%.

All six committee members voted in accord, and the decision was in line with expectations of economists polled by Reuters.