With today's modest increase, we expect to pause rate hikes while we assess the impacts of the substantial monetary policy tightening already undertaken. To be clear, this is a conditional pause-it is conditional on economic developments evolving broadly in line with our MPR outlook. If we need to do more to get inflation to the 2% target, we will.
The country is now home to 13 licensed banks from which we deservedly expect to have an even more diversified banking product range and improved service delivery. I now know that the new bank is a wholly owned subsidiary of Bank of India, which is headquartered back home in India.