New Delhi, Oct. 21 -- At its October monetary policy meeting, the Reserve Bank of India (RBI) raised the repo rate by 25 basis points to 5.50%, marking the first hike in nearly three years. RBI Governor Sanjay Malhotra also announced a shift in the monetary policy committee's stance from neutral to calibrated tightening.

While all six MPC members unanimously voted to raise the repo rate by 25 bps as anticipated by the industry, Nagesh Kumar and Ram Singh opposed the shift in stance, the RBI MPC minutes revealed on Wednesday.

"Two members - Dr. Nagesh Kumar and Prof. Ram Singh - were of the view that the stance be retained at neutral," the release read.

Meanwhile, Malhotra supported shifting the MPC's stance towards calibrated tightenin...