An internal working group of the Reserve Bank of India has suggested keeping the overnight weighted average call money rate as the operative target of monetary policy, and has recommended a shift to seven-day operations as the main tool.

The move was in line with expectations from economists polled by Reuters, and comes after the Reserve Bank of India delivered an outsized cut of 50 basis points

The Reserve Bank of India’s monetary policy committee on Wednesday unanimously voted to maintain its policy repo rate at 5.50% and its monetary policy stance at neutral.