Mumbai: Reserve Bank of India(RBI) has cut the Repo Rate by 50 bps to 6.75 percent while the Cash Reserve Ratio(CRR) has remained unchanged at 4 percent.
Analysts, economists and bankers were predicting a quarter point cut by the RBI.
Governor Raghuram Rajan has left the main rate unchanged at 7.25 percent in August after three cuts in 2015 to meet the inflation target of 6 percent by January.
More details to follow.(ANI)