Mumbai, Oct. 7 -- The Reserve Bank of India (RBI) considered a 50 basis points (bps) hike in the policy repo rate before opting for a 25 bps increase, while RBI Governor Sanjay Malhotra ruled out any rate cut in the near term.

The central bank on Wednesday raised the repo rate by 25 bps to 5.50 per cent and shifted its policy stance, signalling that the next move could either be another rate hike or a pause depending on evolving growth and inflation dynamics.

During the post-policy conference in Mumbai, the Governor stated that the Monetary Policy Committee (MPC) had considered a 50 bps hike, and the central bank discusses all possibilities before arriving at a decision.

"We discuss all possibilities and thereafter take a view as to wh...