RBI reduces repo rate for the 5th time in a row to boost growth

by Business | 04-10-2019 | 592 views

NEW DELHI: The RBI on Friday cut benchmark interest rates for the fifth time this year to spur growth after the economy expanded by 5% in Q1. The repo rate was reduced by 25 bps to 5.15%, taking the cumulative cuts so far this year to 135 bps. Banks have passed only a small portion of the cuts this year to customers.

After a three-day meeting, the Monetary Policy Committee (MPC) of the apex bank also cuts GDP growth forecast for the current fiscal year 2019-20 to 6.1% from 6.9% earlier.

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