RBI cuts repo rate again, trims GDP growth forecast

Home, auto and other loans are likely to cost less as the Reserve Bank of India (RBI) cut interest rates Wednesday for a second consecutive time while lowering India’s growth forecast to 6.5 per cent from 6.7 per cent estimated earlier for the current fiscal year in account of impact of global trade and policy uncertainties.

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The Monetary Policy Committee (MPC), consisting of three central bank members and an equal number of external members, voted unanimously to cut the repurchase or repo rate by 25 basis points to 6 per cent. It had reduced rate by an equal measure in February — the first cut since May 2020.