In a major relief to the India’s common man, the Reserve Bank of India on Friday announced to cut the repo rate by 25 bps to 5.15 per cent.
Reverse repo rate adjusted to 4.90% and bank rate at 5.40 %, accordingly. Real GDP growth for 2019-20 has been revised downwards from 6.9 percent in the August policy to 6.1 percent.
RBI governor Shaktikanta Das said that all the ember of the MPC voted unanimously to reduce the policy repo rate and to continue with the accommodative stance of monetary policy. Chetan Ghate, Pami Dua, Michael Debabrata Patra, Shri Bibhu Prasad Kanungo and Shri Shaktikanta Das voted to reduce the repo rate by 25 basis points.
