RBI Cuts Rate To Lowest In 9 years To Boost Growth, Loans May Get Cheaper | Read
The Reserve Bank of India's Monetary Policy Committee (MPC), led by Governor Shaktikanta Das, on Thursday unanimously lowered key lending rate or repo rate by 25 basis points or 0.25 per cent to 5.75 per cent. The six-member committee also changed the policy stance to "accommodative" from "neutral". Repo rate is the interest rate at which commercial banks borrow short-term funds from the RBI. Thursday's decision comes after conclusion of a three-day meeting of the MPC. With today's cut, the RBI lowered the key interest for third time in a row to a level last seen in September 2010.
