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.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
