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The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) has decided to cut the repo rate for the first time in two years, reducing it by 25 basis points to 6.25 per cent from 6.5 per cent, Governor Sanjay Malhotra announced on Friday. During the meeting, which took place between February 5 and 7, MPC members unanimously voted to cut the repo rate.