RBI MPC cuts repo rate for first time in 5 years: Governor Sanjay Malhotra administers a growth pill with 25 bps rate cut
Reserve Bank of India (RBI), under the leadership of new Governor Sanjay Malhotra, announced a 25 basis point reduction in the repo rate, lowering it to 6.25%.
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Malhotra revealed that the committee also decided to maintain a neutral stance, a shift made in October of the previous year, indicating a flexibility to adjust policy rates in response to the evolving economic environment.
The RBI had kept the repo rate unchanged at 6.5% for the previous eleven consecutive meetings. In the December policy meeting, the MPC voted 5-1 in favor of maintaining the rate, focusing on stability while continuing to monitor inflation trends.
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Additionally, the December policy included a 50 basis point reduction in the Cash Reserve Ratio (CRR), bringing it down to 4%, aimed at enhancing liquidity and supporting credit growth.
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