As anticipated, the RBI's Monetary Policy Committee (MPC) has kept interest rates unchanged in its policy announcement today. While there were hopes for a rate cut in line with the U.S. Fed, the RBI has taken a prudent approach by focusing on key indicators like domestic inflation and financial stability, particularly in light of the declining individual savings as a percentage of GDP, which poses a financial stability risk. Recent global geopolitical developments have led to a surge in oil prices, which could drive inflation further. This likely influenced the MPC's decision to hold rates steady.