RBI made big major announcement, repo rate reduced to 5.75 per cent from 6 per cent
RBI made big major announcement, repo rate reduced to 5.75 per cent from 6 per cent
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New Delhi: The Reserve Bank of India has made a big announcement for the common people. As per the decision taken in the review meeting of RBI's Monetary policy committee, the repo rate has been reduced from six per cent to 5.75 per cent. For the first time in nine years, the repo rate has been so low.

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All the six members of the MPC endorsed the repo rate cut, as reported by the sources. The reverse repo rate has also been cut in addition to the repo rate. Under the new monetary policy, the reverse repo rate has come down to 5.50 per cent, while the bank Rate is at six per cent. The six-member MPC meeting was presided over by RBI governor Shaktikanta Das.

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The central bank had cut the repo rate by 25-25 basis points in February and April this year to accelerate economic growth. However, when the repo rate was cut by the RBI in April, only a few banks had given the benefits to the people. In fact, the slow pace of economic growth had increased the pressure of interest rate cuts on the RBI. That is why these steps were taken. The growth rate in the financial year 2018-19 was 6.8 per cent, the lowest in the past five years. It is the central bank's endeavor to speed up the economy by increasing liquidity in the market through cheaper loans.

 

 

 

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