RBI governor Raghuram Rajan cuts Repo Rate by 25 bps to 6.5%

India's central bank on Tuesday cut its key lending rate by 25 basis points in line with overall expectations, comforted by the central government's fiscal prudence steps, a cut in interest rates on small savings rates and moderate inflation. The repurchase rate, or the short-term lending rate for commercial banks on loans taken from the central bank, stands lowered to 6.5 percent from 6.75 percent, while the reverse repurchase rate, or the short-term borrowing rate, has been adjusted upward to 6 percent from 5.75 percent. The changes were carried out in the monetary policy for the current fiscal announced by Reserve Bank of India (RBI) Governor Raghuram Rajan here on Tuesday.

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