To bring inflation under control, the RBI had increased the Repo Rate by 2.50% six times since May last year.

The Reserve Bank of India (RBI) may maintain its stance of not making any changes in the policy rates this year and rates may also be cut in the beginning of the year 2024.

Analysts have expressed this hope.

Earlier this month, the Monetary Policy Committee (MPC) of RBI surprised many analysts by deciding to keep rates unchanged.

Looking at the recently released details of this policy review meeting, experts feel that with the softening of inflation, rate cuts will also start.

Since May last year, the repo rate has been increased for a total of six times.

The central bank had kept the repo rate unchanged at 6.5 per cent during the MPC meeting earlier this month.

Earlier, the RBI had increased the repo rate by 2.50 per cent six times since May last year to bring inflation under control.

Repo rate cut possible by 0.25% in quarter ending March 2024

Economists at foreign brokerage company HSBC said, "We expect the RBI to keep rates unchanged in 2023 as well and cut rates by 0.25 per cent in the quarter ending March 2024." It was pointed out that the target of 4 per cent inflation has not been kept for the near future and the RBI would not want to achieve it at the cost of weak growth.

Policy rates may be cut from October: Nomura

Domestic brokerage Kotak Institutional Equities said the minutes of the MPC's April meeting reflected the concerns of members about the inflation outlook.

Apart from this, no change in rates is expected for a long time in 2023-24, as inflation is going to remain above five percent.

At the same time, Japan's brokerage company Nomura has predicted that rates may be cut from October.