New Delhi: The Reserve Bank of India has cut the Repo Rate by 25 basis points, taking it down from 5.40% to 5.15%. The Reverse Repo Rate will also get adjusted to 4.90% and bank rate at 5.40 %, accordingly.
The Monetary Policy Committee in its fourth bi-monthly meeting decided to cut the Repo Rate. This is for the fifth consecutive time the central bank has cut the repo rate. As the banks are supposed to pass on the benefits of any rate cuts to the consumers, the fresh rate cut will be positive news for them.