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| RBI cuts repo rate by 25 basis points, revises GDP growth downwards to 6.1% in 2019-20 | | | Agencies
MUMBAI: The Reserve Bank of India (RBI ) on Friday cut interest rates for a fifth straight meeting, stepping up efforts to kickstart economic growth languishing at six-year lows. The RBI maintained its "accommodative" stance and said that it would maintain this position "as long as it is necessary" to revive growth while ensuring inflation remains within the target.
The six-member monetary policy committee (MPC) of the RBI cut the repo rate by 25 basis points to 5.15%, in line with expectations. The reverse repo rate was reduced to 4.9%.
''Repo rate has been cut by 25 basis points, from 5.40% to 5.15%. The reverse repo rate has been adjusted to 4.90% and bank rate at 5.40 %, accordingly'' the apex bank said.
While admitting that India was facing a big economic slowdown, RBI also revised the gross domestic product (GDP) growth for 2019-20 downwards from 6.9 per cent in the August policy to 6.1 per cent.
For 2020-21, the GDP outlook has been revised to 7.2%,'' it said.
The fourth bi-monthly monetary policy for 2019-20 was announced by RBI Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) after its three-day marathon meeting.
As a result of the rate cut, the reverse repo rate under the liquidity adjustment facility (LAF) is now 4.90 per cent, and the marginal standing facility (MSF) rate and the Bank Rate will be 5.40 per cent, RBI Governor Shaktikanta Das said.
"The MPC also decided to continue with an accommodative stance as long as it is necessary to revive growth while ensuring that inflation remains within the target," the police statement issued by the bank said. |
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