Mumbai, Dec 20 (TIWN) Rising inflation on a near-term basis outweighed growth concerns for the Reserve Bank of India (RBI) and led the central bank to hold policy rates, while maintaining an accommodative stance, according to the minutes of the RBI's latest Monetary Policy Committee (MPC) meeting released on Thursday.

The minutes of the December MPC meeting policy showed that members were unanimous on inflation concerns amid slowing growth.

The MPC predicted rising inflation on a near-term basis, "but it is likely to moderate below target by Q2:2020-21".