RBI cuts repo rates by 50 basis points to 6.75 per cent
News Agencies
| Updated on: 13 February 2017, 5:07 IST
The Reserve Bank of India (RBI) unveiled its fourth bi-monthly monetary policy for the current fiscal on Tuesday. In a big boost for the markets and economy, RBI governor Raghuram Rajan cut repo rate by 50 basis points.
It kept the CRR unchanged at 4 percent. This marks the fourth repo rate cut by the RBI since January 2015. However, it has lowered its Financial Year 2016 GDP growth target to 7.4 percent from 7.6 percent. As for inflation, Rajan said that the economy should work towards bringing inflation down to 5 per cent by the end of the Financial Year 2017.
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