Insta
RBI Slashes Repo Rate By 25 Basis Points To 6 Per Cent, Lowest Since 2010
The Reserve Bank of India in New Delhi.
The monetary policy committee (MPC) of the Reserve Bank of India (RBI) today slashed repo rate by 25 bps to 6 per cent. Reverse repo rate has also been cut by 0.25 per cent to 5.75 per cent.
The six-member monetary policy committee, headed by RBI Governor Urjit Patel, voted in majority for a cut. According to the Hindu Business Line, Dr Chetan Ghate, Dr Pami Dua, Dr Viral V Acharya and Dr Urjit R Patel were in favour of the monetary policy decision that led to a cut, while Dr Ravindra H Dholakia voted for a policy rate reduction of 50 basis points and Dr Michael Debabrata Patra voted for status quo.
The RBI's move was in line with the market's expectations. As many as 40 of 56 economists polled by news agency Reuters had expected the RBI to cut its repo rate by a quarter percentage point to 6 per cent.
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