Mumbai: RBI cuts RepoRate by 25 basis points, from 5.40% to 5.15%. Reverse repo rate adjusted to 4.90% and bank rate at 5.40 %, accordingly. 5 of 6 Monetary Policy Committee members voted to cut repo rate by 25 bps. Ravindra Dholakia voted to reduce the repo rate by 40 bps.
The RBI Monetary Policy Committee is seeking intensified measures to arrest #slowdown, says Guv . RBI has tools like OMO, forex swap, term repo to deal with liquidity situation says RBI Governor Shaktikanta Das.”Indian #banking sector is sound and stable,” says
RBI Governor .
RBI has also revised down the economic growth estimate for FY 20 (April 19 – March 20) from 6.9% to 6.1%