<h1>Monetary policy rate hike signals withdrawal of accommodation to rein in inflation while supporting growth.</h1> The MPC resolved to tighten monetary policy by raising the policy repo rate under the LAF and to pursue withdrawal of accommodation to ensure inflation returns within the target band while supporting growth, citing elevated and broad-based CPI inflation, core inflation pressures, risks from global monetary tightening and geopolitical shocks, some easing in commodity pressures, resilient domestic activity, and the need to anchor inflation expectations; all members voted for the repo rate increase, with one member expressing reservations on the withdrawal-of-accommodation language.