There were no surprises on policy front as we were expecting RBI to hold the rates at 6.5%. The central bank kept its stance unchanged to 'withdrawal of accommodation' as it maintains its focus on inflation, citing delay in monsoon, El nino impact and geopolitical uncertainties as upside risks to inflation. We expect FY24 inflation at 4.9% slightly lower than RBI's estimate of 5.1%, as base effect turns favorable and imported inflation eases.