RBI cuts repo rate by 35 basis points to 5.40%! Great news for home loan and auto loan borrowers
The Reserve Bank of India on Wednesday cut the policy repo rate under the liquidity adjustment facility (LAF) by 35 basis points (bps) from 5.75 per cent to 5.40 per cent with immediate effect. In its third Bi-monthly Monetary Policy Statement, the RBI said that the reverse repo rate under the LAF stands revised to 5.15 per cent.
The MPC has also decided to maintain the accommodative stance of monetary policy. Source - Reuters.