Reserve Bank of India Governor Sanjay Malhotra said it is too early to discuss rate hikes given current geopolitical uncertainty and that future decisions will depend on incoming data. He noted that had the bank been confident of hikes in the coming months it would already have shifted policy from neutral to tightening, but it has not because uncertainty remains high. His comments come as US‑Iran peace talks have driven oil sharply lower, a tailwind for India, which imports about 90% of its oil.

Reserve Bank of India Governor Sanjay Malhotra said it is too early to discuss rate hikes given current geopolitical uncertainty and that future decisions will depend on incoming data. He noted that had the bank been confident of hikes in the coming months it would already have shifted policy from neutral to tightening, but it has not because uncertainty remains high. His comments come as US‑Iran peace talks have driven oil sharply lower, a tailwind for India, which imports about 90% of its oil. Malhotra added the ceasefire is fragile and full oil supply restoration will take time; upside risks to oil have eased but the RBI will closely monitor oil’s trajectory.