Muted growth and subdued inflation prompted the RBI on Thursday to lower its key lending rate for commercial banks by 25 basis points (bps) to 6 per cent, even as industry expressed the hope that the second consecutive rate cut would translate into lower lending rates for both retail and corporate loans. The decision to reduce the interest rate was taken by a four-two majority vote in the RBI's six-member Monetary Policy Committee (MPC) at its first monetary policy review of the current fiscal.
Muted growth and subdued inflation prompted the RBI on Thursday to lower its key lending rate for commercial banks by 25 basis points (bps) to 6 per cent, even as industry expressed the hope that the second consecutive rate cut would translate into lower lending rates for both retail and corporate loans. The decision to reduce the interest rate was taken by a four-two majority vote in the RBI's six-member Monetary Policy Committee (MPC) at its first monetary policy review of the current fiscal.
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