MUMBAI, Nov 21 (Reuters) - A majority of the external members of the Reserve Bank of India's Technical Advisory Committee on monetary policy suggested a repo rate cut in the Oct. 30 policy, minutes of the pre-policy meeting released on Wednesday showed.
India's central bank left interest rates on hold, but cut the cash reserve ratio for banks, defying pressure from the government to lower rates for the first time since April. However, it indicated it may ease the policy rate in early 2013.
Of the five members who suggested a repo rate cut, three recommended a reduction by 25 basis points, while the other two suggested a sharper 50 basis points cut.
(Reporting by Shamik Paul; Editing by Anupama Dwivedi)