RBI cuts repo rate, CRR by 0.25 per cent, loans may get cheaper
India's long wait for rate cuts ended today with the Reserve Bank of India announcing a 0.25 per cent cut in its key repo rate -- the rate at which it lends to commercial banks -- at its monetary policy review, to support an economy set for its slowest growth in a decade. The RBI had last cut its repo rate on April 17, 2012, by 50 basis points. The repo rate now stands at 7.75 per cent.
