RBI cuts repo rate to 6%, lowest since 2010

Just in: RBI cuts key repo rate by 0.25 per cent. The repo rate has been cut to 6 per cent.  The repo rate is the rate at which banks borrow money from the RBI.

The Monetary Policy Committee, headed by Reserve Bank of India Governor Urjit Patel, announced the rate cut today after a two-day meeting. The repo rate is the lowest since November 2010.

The six-member Monetary Policy Committee's two-day deliberations lived up to expectations of a 0.25% cut in the key lending rate as inflation has cooled to record low levels.

Reverse repo rate under stands adjusted to 5.75 %, and the marginal standing facility rate and Bank Rate to 6.25 %.