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The Reserve Bank of India on Friday cut key interest rates for the first time in nearly five years, as cooling inflation offers the central bank room to stimulate the country’s faltering economy.
The Monetary Policy Committee decided to trim the repo rate by 25 basis points to 6.25%, RBI Governor Sanjay Malhotra said in a livestreamed address.
The rate reduction was widely expected and marked RBI’s first cut since May 2020 when the country battled the pandemic-inflicted downturn. – CNBC
