The Reserve Bank of India (RBI) on Thursday cut repo rate for the third consecutive time this year to 5.75 per cent from the current 6 percent amid falling economic growth and uncertain global scenario.The six-member monetary policy committee (MPC) headed by Governor Shaktikanta Das concluded its second meeting for the fiscal year 2019-20.
The benchmark interest rate was cut by 0.25 per cent to 6 per cent, a move which will result in lower cost of borrowing for banks that are expected to transmit the same to individuals and corporates. The Reserve Bank of India (RBI) on February 7 had last cut interest rate to 6.25 per cent from 6.5 per cent. Last time repo rate stood at 6 per.
India’s central bank cut its benchmark interest rate by 25 basis points on Thursday, in a widely expected move to boost the economy, while keeping its monetary policy stance "neutral" despite subdued inflation. The six-member monetary policy committee (MPC) cut the repo rate to 6.00 percent as predicted by 57 of 67 analysts polled by Reuters last week.
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RBI cuts repo rate by 0.25% in bid to spur growth: On Thursday, the Reserve Bank of India (RBI) cut repo rate for the third following time this year to 5.75 per cent from the existing 6 per cent.
RBI cuts repo rate by 0.25% to 5.75%, changes policy stance to ‘accommodative’ Description: The MPC has also changed its policy stance to accommodative from neutral earlier which means the central bank keeps scope open for another rate cut in the near future if the economy warrants so.
The Reserve Bank is likely to cut short-term lending rate by 0.25 per cent in its monetary policy reviews to be unveiled on Monday, to boost manufacturing sector and spur economic growth, say experts.
although India Inc has been putting pressure on the central bank to cut rates in order to boost growth. In its third quarter review of monetary policy, the RBI in January raised the key repo rate by 0.
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