"As widely anticipated, RBI has once again reduced its key lending rate by 25 basis point. The lending rate now stands at 5.75, and this is the third consecutive rate cut since February 2019. Even though the Indian economy is perceived to be in the grips of a slowdown, the markets are quite bullish on Modi’s return to power with a thumping majority.
New Delhi: The Reserve Bank of India has cut its benchmark interest rate by 25 basis points to 6 per cent, citing moderation in inflation and weakening industrial activity. The decision, taken after two days of deliberations by the Monetary Policy Committee, is likely to lower EMIs for home, auto and personal loans.
As widely anticipated, RBI has once again reduced its key lending rate by 25 basis point. The lending rate now stands at 5.75, and this is the third consecutive rate cut since February 2019. Even though the Indian economy is perceived to be in the grips of a slowdown, the markets are quite bullish.
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For the first time since 2013, India’s central bank has announced a third consecutive cut in key policy rates. The repo rate-at which the Reserve Bank of India (RBI) lends to commercial banks.
Amid slowing economic growth and rising global uncertainty, the RBI had decreased the short-term lending rate (repo rate) by 25 basis points each in its last two policy reviews.
RBI cuts repo rate by 25 basis points, but retains ‘neutral’ stance Although the repo rate has been cut, it’s not clear if this will mean lower lending rates as banks are still struggling with deposits.
In a survey of economists and bankers by Zee Business TV on Monday, 80% of respondents expected the RBI to cut key lending rate (also known as repo rate) by 25 basis point (0.25%). Twenty per cent of the respondents, however, expected the central bank’s MPC may cut rate by 50 basis point (0.50%).
RBI cuts lending rate by 25 basis points to 5.75%. This is the third time this year that the central bank has reduced the key lending rates. On February 7 and April 4, RBI cut the repo rate by 25 basis points.
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India Business News: The Reserve Bank of India has cut its benchmark interest rate by 25 basis points to 7.25 percent.