The industry said it hoped RBI would not wait for the next quarterly review on July 30 to intervene and would do so earlier, if required.
The industry urged the central bank to consider a rate even before the next monetary policy review on July 30.
The repo rate at which the RBI lends to the system has been retained at 7.25 per cent, while the cash reserve ratio will continue to be 4 per cent.
CII Director General Chandrajit Banerjee said, "The decision of the RBI to hold policy rates on status quo is disappointing.
"At a time when both growth and inflation dynamics call for an accommodative monetary policy, RBI has taken a cautious approach of attending to the prospect of a possible resurgence in inflation over reviving growth in the economy."
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