RBI's monetary policy committee (MPC), led by Governor Shaktikanta Das, announced a 25 basis points cut in the short-term lending rate, also known as repo or repurchase rate, in its first bi-monthly rate review of financial year 2019-20.
The repo rate now stands at 6%.
This was the second back-to-back rate cut by the six-member MPC ever since Das was appointed governor and four out of six MPC members voted in favor of rate cut. The move also makes India the only country in Asia to have cut interest rates twice in three months.
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