The minutes of the Reserve Bank of India’s latest monetary policy meeting have signalled a shift in the debate from further monetary easing to policy normalisation, raising the prospect of a rate hike later this year, even as the October review is likely to see another pause. “The debate within the committee has now shifted from how much further accommodation is available to when normalisation ought to begin,” QuantEco Research said, pointing to a clear change in the tone of the minutes from the previous policy cycle. It expects the RBI to hold rate in October, but said December has now become a “live option” for the rate hike.