RBI has cut key repo lending rate by 40 basis points to 4%
GDP growth for this year is seen in the negative territory
The Reserve Bank of India has cut key repo lending rate by 40 basis points to 4%. This is expected to bring down lending rates and deposit rates as well. RBI's monetary policy committee in an off-cycle meeting voted 5-1 for a 40 bps repo rate cut, while maintaining an accommodative stance. Reverse repo gets automatically gets adjusted to 3.35% from 3.75%.