New Delhi, Oct. 21 -- Reserve Bank of India (RBI) Governor Sanjay Malhotra has indicated that interest rate cuts are off the table in the near term, with future monetary policy decisions limited to either raising rates further or keeping them unchanged, depending on inflation and economic growth conditions.

According to the minutes of the Monetary Policy Committee (MPC) meeting held from October 5 to 7, released by the RBI on Wednesday, Malhotra said the duration and extent of the current rate-hiking cycle would depend on how inflationary pressures evolve.

"Nevertheless, I feel it is appropriate to change the stance to calibrated tightening, essentially signalling that rate cuts are off the table in the near term and policy action ahead...