The Reserve Bank of India (RBI) reduced its short-term lending rate (repo rate) by 0.25 per cent to 7.5 per cent on Tuesday at its mid-quarter monetary policy review, keeping in line with market expectations. The short-term borrowing rate also came down to 6.5 per cent. The central bank, however, left its Cash Reserve Ratio (CRR) untouched at 4 per cent.
The RBI reduced its repo rate for the second consecutive time in a bid to boost sluggish growth.
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