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RBI cut repo rate by 50 basis points

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In a big boost to the economy and borrowers, the Reserve Bank of India (RBI) on Tuesday (September 29) cut interest rate by 0.50 per cent and relaxed norms for home loan seekers. In its monetary policy review, RBI reduced the key rate (repo) by 50 basis points from 7.25 per cent to 6.75 per cent with immediate effect. The central bank cut the GDP forecast to 7.4 per cent for the current fiscal to 7.6 per cent while projecting retail inflation at 5.8 per cent for January. RBI kept the cash reserve ratio (CRR), portion of deposits mandatorily kept by banks with the central bank, unchanged at 4 per cent. Consequently, the reverse repo rate adjusted to 5.75 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 7.75 per cent.

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