Reserve Bank of India (RBI) Governor Sanjay Malhotra said that the central bank has decided to reduce the policy repo rate by 50 basis points (bps) to 5.5 per cent with immediate effect. It is also worth noting that the central bank has changed its stance from "accommodative" to "neutral", Malhotra announced. "The MPC decided to reduce the policy Repo Rate under the liquidity adjustment facility by 50 basis points to 5.5%. This will be with immediate effect. Consequently, the Standing Deposit Facility (STF) Rate shall stand adjusted to 5.25%. Marginal Standing Facility (MSF) rate and bank rate shall stand adjusted to 5.75%.," he said. It must be noted that the Monetary Policy Committee met on June 4, 5, 6 to deliberate and decide on the policy repo rate. Nifty, Sensex Open Flat Ahead of RBI Policy Decision; Broader Indices Gain, Sectoral Trend Mixed.

RBI Cuts Repo Rate by 50bps to 5.5 Per Cent

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