RBI cuts repo rate to over 6.5-year low of 6%
The RBI has cut repo rate by 25 basis points to 6%, the lowest in more than six-and-a-half years, during bi-monthly policy review on Wednesday. The rate cut comes after a slump in food prices sent June consumer inflation to a record low of 1.54%. The rate cut will boost credit growth which has been sluggish over last few quarters.