RBI Cuts Repo Rate To 7-Year Low Of 6%

The Reserve Bank of India (RBI) cut its key lending rate by 25 basis points to its lowest since November 2010, raising hopes of lower EMIs on home and car loans. The repo rate - the rate at which the RBI lends to banks now stands at 6%. RBI also cut the reverse repo rate by 25 bps to 5.75%. This is the first rate cut since October 2016.