The RBI maintains its position of “withdrawal of accommodation” and keeps the repo rate at 6.5%.

After its three-day monetary policy meeting, the Reserve Bank of India (RBI) decided to leave the repo rate steady at 6.50%. This is the fifth time in a row that the RBI has left policy rates unaltered.

The central bank’s Monetary Policy Committee (MPC) continued to focus on “withdrawal of accommodation,” as well.

Five of the six members of the MPC panel voted in favour of maintaining the current stance, while the remaining three members voted unanimously to keep rates unchanged.

The monetary policy move followed expectations, which aided bulls in holding onto power on Dalal Street.

The Nifty 50 crossed the 21000 mark for the first time just seconds before the announcement of the RBI’s policy actions. The index was up 0.4% at 20989.05 points following the release of the policy.

Prior to the news, the 30-stock Sensex also reached a historical high of 69888.33 points. It maintained its gains, closing the day 0.4% higher at 69779.80 points.