The Reserve Bank of India has cut repo rate by 25 bps to 6.25% This policy review was Urjit Patel’s maiden announcement as RBI Governor and also the first where the decision on rates is made on the advice of a newly set up six-member monetary policy committee or MPC. RBI said the Momentum of growth expected to quicken and the decision in line with the inflation target of 5% for the end of the this fiscal. The six-member panel has equal representation from RBI and the government. The stock markets were in the green following the RBI policy announcement. Reverse repo rate under the LAF stands adjusted to 5.75%, and the marginal standing facility rate and the Bank Rate to 6.75 %.
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