RBI reduces repo rate for first time in five year

Just In: RBI’s monetary policy committee decided unanimously to reduce the policy rate by 25 basis points, from 6.5% to 6.25%. Read further on Dynamite News:

New Delhi: The Reserve Bank of India’s (RBI) six-member Monetary Policy Committee (MPC) decided unanimously to reduce the policy rate by 25 basis points, from 6.5% to 6.25%, Dynamite News correspondent reports. 

RBI Governor makes announcement 
This is the first rate cut announced by the RBI in five years, the last one being in May 2020. RBI Governor Sanjay Malhotra made the announcement on Friday. 

The development comes after the Centre reduced personal income tax to boost consumption.