RBI cuts repo rate by 25 basis points, fifth cut in this year
The RBI has reduced report rate for the fifth time this year. The RBI monetary policy committee announced a 25 basis points cut in its policy rates from 5.40% to 5.15%. The RBI Governor also said that it would maintain an ‘accommodative stance’ as long as it is necessary to revive growth. The reverse repo rate was also adjusted to 4.90%. The central bank said the decisions are in consonance with its medium-term target of 4 per cent for consumer inflation.