Mumbai, June 6 : In line with expectation, Reserve Bank of India (RBI) on Thursday cut the repo rate by 25 basis points (bps) to 5.75 per cent with immediate effect in its second bi-monthly monetary policy, announced by RBI Governor Shaktikanta Das.
This was the third straight interest rate cut by the apex bank.
Consequently, reverse repo rate stands at 5.50 per cent. The stance of the policy was changed to accommodative from neutral.
The RBI was widely expected to go for an interest rate cut amid dismal gross domestic product (GDP) growth, subdued investment and slowdown in consumption space. (UNI)