NEW DELHI: The Monetary Policy Committee (MPC) of the Reserve Bank of India slashed the short-term lending rate, or repo rate, by 25 basis points to 6 per cent at its third bimonthly policy review. The MPC announced its decision on Wednesday afternoon.
The rate cut was in line with market expectations. As many as 17 of 20 market analysts who had participated in an ET survey had predicted a 25 bps rate cut. The central bank had last cut the policy rate in October 2016. The MPC is headed by RBI Governor Urjit Patel.
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