<h1>Monetary policy stance divided: recommendations on rate cuts versus status quo amid weak demand and persistent inflation.</h1> Views were divided on monetary policy: three external Members recommended reducing the policy repo rate (with some favouring CRR or SLR cuts and OMOs to improve liquidity and credit transmission) on grounds of weak aggregate demand and softer inflation expectations; four Members recommended keeping the policy rate unchanged, citing structural impediments to investment, fiscal fragility and high current account deficit risks which, together with inadequate transmission of past rate cuts, limit the potential effectiveness of further easing.