Delhi: Reserve Bank of India reduces repo rates by 35 basis points. The decision was taken during the third quarter review of the current financial year. This is the fourth time in this financial year that the RBI has cut its repo rate. Moreover, short-term lending rates are currently 5.40%. India's inflation rate has been consistently weak.
In February, April and June, the Reserve Bank reduced the policy rate by 75 basis points. Domestic banks have been instructed to reduce the lending rate as the festive season begins in September.