Reserve Bank of India (RBI) Governor Shaktikanta Das today announced that the central bank has decided to reduce the repo rate by 40 basis points from 4.4 per cent to 4 per cent. Shaktikanta Das said, the RBI has also decided to reduce the reverse repo rate to 3.35 per cent.

Reserve Bank of India Governor Shaktikanta Das. (Photo: PTI)

Reserve Bank of India (RBI) Governor Shaktikanta Das today announced that the central bank has decided to reduce the repo rate by 40 basis points from 4.4 per cent to 4 per cent. Shaktikanta Das said, the RBI has also decided to reduce the reverse repo rate to 3.35 per cent.

Shaktikanta Das said the decision to cut the repo rate by 40 basis points was taken after a 5:1 vote among the six-membner monetary policy committee.

Addressing a press conference, Shaktikanta Das said the global is set to fall into recession. He said however a small ray of hope for India is from the good yield in the Rabi season and a normal monsoon prediction by the India Meteorological Department.

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