RBI monetary policy: Repo rate lowered by 25 bps to 6% to boost growth

The six-member monetary policy committee (MPC) of the Reserve Bank of India (RBI) voted 4-2 to reduce the policy repo rate by 25 basis points (bps) on Thursday, as was widely expected by economists and bond-market participants who anticipate at least one more cut in the coming policies. Banks, however, remain non-committal about paring down their lending rates.
 
Deputy Governor Viral Acharya and external member Chetan Ghate voted against a rate cut, while Ravindra Dholakia favoured a change in stance to “accommodative”.
 
According to Credit Suisse, while a rate cut was expected, two MPC members voting against it