RBI advisory committee split over rate hike

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An advisory board to the Reserve Bank of India (RBI) was split over the central bank's decision to raise interest rates last July, minutes published on Friday show.

On July 26, the RBI unexpectedly raised its benchmark repo rate by 50 basis points to 8%, the 11th such increase since March 2010, in an effort to combat rising inflation in India.

Minutes from the 25th Technical Advisory Committee meeting on monetary policy show that four out of 12 members of the committee urged a "wait and watch"

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