According to Indian Express reports, the reverse repo rate under the LAF now stands adjusted to 6.0 per cent and the marginal standing facility (MSF) rate and the Bank Rate to 6.5 per cent.
RBI forecasts GDP growth for FY20 at 7.4 %, cuts repo rates by 25 basis points from 6.5% to 6.25%: The Reserve Bank of India (RBI) on Thursday cut repo rate by 25 basis points from 6.5 per cent to 6.25 per cent.
The MPC also changed its stance to "neutral" from the "calibrated tightening" adopted in October meet a year ago.
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Deputy Governor Viral Acharya and another MPC member, Chetan Ghate, voted for status quo in interest rates, while Das and three others voted for a cut in interest rates.
"These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/-2 per cent, while supporting growth", said the RBI.
Addressing the media in Mumbai today, Mr Das said that inflation had fallen to 18-month low of 2.19 per cent in December and was expected to remain in the range of 3.2 - 3.4 per cent in April - September which is lower than previous RBI prediction of 3.8 - 4.2 per cent range.
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In its previous monetary policy review in December 2018, the RBI had kept interest rates unchanged but held out a promise to cut them if the upside risks to the inflation do not materialise.
At the committee's meeting, the first after Shaktikanta Das took over as the central bank's Governor, also changed its stance to "neutral" from the earlier "calibrated tightening".
Four of six members of the MPC voted to cut the rates, while all six voted for a change in the stance. Finance Minister Piyush Goyal rolled out the government's last budget ahead of this year's national elections, announcing no tax on income up to Rs 5 lakh, a Rs 75,000 crore assured income scheme for small farmers and a mega pension scheme for workers in the unorganised sector. This was the first MPC meeting under Das, who took over from Urjit Patel.
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Some, like Hermit Park resident Andrew Roberts, are asking why the water in the dam was allowed to reach such a high level. Helicopters have been supporting the army in the rescue effort today. "We'll be all right".
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