RBI cuts repo rate by 35 bps, fourth time this year
Mumbai, Aug 7 (UNI): The Reserve Bank of India (RBI) on Wednesday cut the repo rate for fourth time this year by 35 basis points (bps) to 5.40 per cent in its third bi-monthly policy review of the financial year.
Consequently, the reverse repo rate now stands at 5.15 per cent.
RBI's Monetary Policy Committee (MPC) also announced lowering of the FY20 GDP growth forecast to 6.9 per cent from 7 per cent, earlier.
Repo rate is the rate at which the central bank lends money to the commercial banks, in case of any shortfall of funds.
This is the fourth straight rate cut by the apex bank in 2019.
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