<h1>Monetary policy status quo likely as growth weakness, mild inflation and external risks constrain further rate easing.</h1> RBI is expected to keep the policy rate unchanged because low growth, mild inflation and global uncertainties limit scope for further easing under flexible inflation targeting. External vulnerabilities-notably elevated external debt and capital flow volatility-are adding exchange rate pressure, while financialisation of savings after demonetisation has raised banks' cost of funds and complicated the transmission of rate cuts to lending rates.