NEW DELHI : The central bank also signalled the possibility of further increases after shifting its monetary policy stance from “neutral” to “calibrated tightening.” Governor Sanjay Malhotra said the size and timing of any additional rate increases would depend on developments in inflation and economic growth.

All six members of the Monetary Policy Committee voted unanimously to raise the interest rate.

The RBI raised its inflation forecast for the current fiscal year to 5.2 percent, from 5 percent previously, while its core inflation forecast was increased to 4.4 percent from 4.3 percent. The bank forecast GDP growth at 7.1 percent.

Consumer price inflation accelerated to 4.82 percent year-on-year in August, exceeding the central bank’s 4 percent target for the third consecutive month. The increase was attributed to rising fuel and food prices, along with their broader impact across the economy.

Bank credit also continued to expand strongly, growing 18.8 percent in October. The central bank did not announce additional measures to withdraw excess liquidity from the banking system.

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