HSBC India on Wednesday said Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) must shift policy stance to accommodative for the first bi-monthly policy statement for 2019-20.

In an interview to CNBC-TV18, Hitendra Dave, head of global banking and markets, said, "If you read the minutes of the previous meeting, you will get a sense of where the concerns are more. The MPC members saw growth or weakness in growth as the predominant problem in the economy as opposed to inflationary worries."

"For the first time in many years, you are looking at high-frequency indicators and macro indicators. Both are suggesting that MPC need to focus a lot more on what it can do to support growth as opposed to singularly focusing only on inflation management,” he said.

"The MPC needs to recognise that most indicators of growth are not flashing the right colour. Also, most indicators of inflation are either green or amber. So, I would certainly think that MPC should pay much more emphasis on what they can do to support growth, whether that is a rate cut which is more than the consensus 25," Dave said.