RBI keeps benchmark interest rate unchanged at 5.15 per cent

Updated: Feb 06, 2020, 12:15 IST | ANI | Mumbai

The RBI has slashed interest rates by a cumulative 135 basis points this fiscal, making it the world's most aggressively easing major central bank

This picture has been used for representation purpose
This picture has been used for representation purpose

The Reserve Bank of India (RBI) on Thursday kept the repo rate unchanged at the current 5.15 per cent level in a bid to contain rising inflation. The six-member monetary policy committee (MPC) headed by Governor Shaktikanta Das announced the decision after a three-day meeting, the last of current fiscal year 2019-20. Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to reduce interest rates for consumers and lowers equal monthly instalments on home loans, car loans and personal loans.

The RBI has slashed interest rates by a cumulative 135 basis points this fiscal, making it the world's most aggressively easing major central bank. The government expects economic growth at 5 per cent for the current financial year, far slower than the 2018-19 expansion rate of 6.8 per cent.

This is mainly due to weak household spending, muted corporate investments, and a crippling slowdown in manufacturing and construction activity.

Catch up on all the latest Mumbai news, crime news, current affairs, and also a complete guide on Mumbai from food to things to do and events across the city here. Also download the new mid-day Android and iOS apps to get latest updates

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

Sign up for all the latest news, top galleries and trending videos from Mid-day.com

Subscribe
This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK