Mumbai, Aug. 19 -- Reserve Bank of India governor Sanjay Malhotra said that the moderation in inflation could warrant a recalibration of the policy rate, the minutes of the August policy meeting, released on Wednesday, showed.

With headline inflation averaging 3.93% so far this year and core inflation expected to converge with headline inflation in the final quarter, it may suggest a recalibration of policy rate. The central bank has projected core inflation to average 4.3% in 2026-27.

However, the central bank needs greater clarity on the persistence of elevated prices before making a move, he said in his statement recorded in the minutes of the August Monetary Policy Committee meeting.

"I would prefer to wait for more certainty to em...