Repo rate cut by 25 basis points to six-year low
The Monetary Policy Committee, in its first bi-monthly policy review meeting since its inception, cut the repo rate by 25 basis points to a six-year low of 6.25% on Tuesday. This is also Urjit Patel's first review since becoming the RBI Governor. The reverse repo rate was also reduced to 5.75% while the cash reserve ratio was maintained at 4%.