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Financial News: India's Central Bank Cuts Rates By 25 Bps

India's Central Bank Cuts Rates By 25 Bps

10/04/2019 - 02:34:00 (RTTNews)

(RTTNews) - India's central bank resorted to another rate cut on Friday, to revive economic growth.

The Monetary Policy Committee of the Reserve Bank of India decided to reduce the key repo rate by 25 basis points to 5.15 percent from 5.40 percent, with immediate effect.

The central bank had lowered its rates four times this year.

The reverse repo rate was adjusted to 4.90 percent and the marginal standing facility rate and the Bank Rate were reduced to 5.40 percent.

Policymakers also decided to continue with an accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target.

All members of the MPC voted to reduce the policy repo rate but one member sought a bigger 40 basis point reduction.

The MPC said the impact of monetary policy easing since February 2019 is gradually expected to feed into the real economy and boost demand.

The central bank lowered its real growth projection for 2019-20 to 6.1 percent from 6.9 percent. Inflation projection for the second half of financial year 2019-20 was retained at 3.5-3.7 percent.

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