RBI Cuts Repo Rate to Lowest Level Since March 2010 as GDP Forecast Slashed to 6.1% From 6.9%

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The Reserve Bank of India on Friday cut interest rates for the fifth time this year to kickstart the languishing economy as it slashed the GDP growth projection for financial year 2019-20 to 6.1 per cent from the earlier forecast of 6.9 per cent.

The six-member monetary policy committee (MPC), led by Governor Shaktikanta Das, cut the repo rate by 25 basis points to 5.15% with all the members in agreement. The reverse repo rate was reduced to 4.9%.

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