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MUMBAI: India's central bank kept rates steady at record low levels as expected on Friday and said it would maintain support for the economy's recovery from the pandemic by ensuring ample liquidity for markets to absorb a massive government borrowing programme.

"Going forward, the Indian economy is poised to move in only one direction and that is upwards. It is our strong conviction, backed by forecasts, that in 2021/22, we would undo the damage that COVID-19 has inflicted on the economy," Reserve Bank of India Governor Shaktikanta Das said.

The repo rate or RBI's key lending rate was held at 4% while the reverse repo rate or its borrowing rate was left unchanged at 3.35%.

The repo rate has been cut by a total 115 basis points since March 2020 to cushion the shock from the COVID-19 pandemic.

Das said all six members of the monetary policy committee (MPC) were unanimous in their decision to keep rates on hold and maintain an accommodative monetary policy and liquidity stance.

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