On Tuesday today, the Reserve Bank of India Governor Urjit Patel has cut interest rates by a quarter point as forecast by economists citing inflation and retained growth forecast but said outlook is improving with good monsoon. The RBI lowered its repo rate to 6.25%. In an exclusive conversation with Newzstreet Media Group noted economist Dr Alok Puranik welcomed the the cuts.
The six-member Monetary Policy Committee headed by Patel has reduced repo rate or the short term rate at which central bank lends to banks, to 6.25 per cent. Consequently, the reverse repo rate has also come down by a similar percentage point to 5.75 per cent.
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