India's central bank kept its key lending rates unchanged during its monetary policy review on Tuesday, sticking to its stand that further cuts will depend on commercial banks passing on the previous reductions to borrowers, among other factors.

Reserve Bank of India Governor Raghuram Rajan chose to maintain both the repo rate, or the short-term lending rate, and the cash reserve ratio, or the liquid money banks have to compulsorily hold, at 7.25 percent and and 4.0 percent, respectively.