The Reserve Bank of India’s (RBI) six-member Monetary Policy Committee (MPC) cut the repo rate, the rate at which the RBI lends to other banks by 25 basis points to 6.25 per cent. This is the first rate cut initiated by the RBI since 2020 amid growing concerns about economic growth losing momentum. Currently the repo rate is 6.5 per cent.

On Friday, the Reserve Bank of India’s (RBI) six-member Monetary Policy Committee (MPC) reduced the repo rate, the rate at which the RBI lends to commercial banks by 25 basis points, bringing it down to 6.

Realtors’ apex body CREDAI on Friday said the RBIs decision to cut benchmark lending rate by 25 basis points might have limited direct impact and sought further reduction in the next monetary policy meet for stronger impetus to housing demand.