The RBI Governor Sanjay Malhotra delivered the first interest rate cut in nearly five years. The RBI MPC reduced the repo rate cut to 6.25% from 6.50%.

Reserve Bank of India (RBI) governor Sanjay Malhotra has announced the Monetary Policy Committee has cut the benchmark repo rate by 26 basis points.

The six-member monetary policy committee (MPC) revised the repo rate for the first time in 2 years, voting unanimously to cut it by 25 basis points from 6.50% to 6.25% in view of easing retail inflation and slowing growth.