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: The MPC (monetary policy committee) decided unanimously to reduce the policy rate by 25 basis points, from 6.5% to 6.25%
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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.