India's central bank held interest rates at a seven-year low on Wednesday, citing concerns over inflation and rising oil prices as a reason not to make a further cut.

The Reserve Bank of India (RBI) said the benchmark repo rate -- the level at which it lends to commercial banks -- would remain unchanged at 6.0 percent.

The decision was in line with analysts' expectations.

The RBI said in a statement the decision was consistent with its objective of keeping inflation at around four percent, noting that consumer price inflation hit a seven-month high recently.

Consumer prices rose to 3.58 percent in October from a year earlier, according to official data.