The Reserve Bank of India (RBI) cut repo rate on Thursday to 5.75 percent from the current 6 percent amid falling economic growth and uncertain global scenario for the third consecutive time this year.

The six-member monetary policy committee (MPC) headed by Governor Shaktikanta Das concluded its second meeting for the fiscal year 2019-20. On February 7 and April 4, the central bank had reduced the key lending rate by 25 basis points to infuse liquidity and push growth.