RBI: MPC cuts repo rate by 35 bps to support growth

NPnews24 Online, New Delhi: The six-member monetary policy committee (MPC) of the Reserve Bank of India (RBI) on Wednesday cut repo rate by 35 basis points in its third bi-monthly policy review of the financial year.

Reserve Bank of India (RBI) cuts Repo Rate by 35 basis points to 5.40%. Reverse Repo rate at 5.15% pic.twitter.com/bNvRNLdh1H

— ANI (@ANI) August 7, 2019

It was fourth rate cut by the central bank in a row. The short-term lender rate now stands at 5.40 per cent. Four MPC members voted to reduce the policy repo rate while two members voted to reduce the policy repo rate by 25 basis points.

Real GDP growth for 2019-20 is revised downwards from 7 percent in the June policy to 6.9 percent.