In the 3rd monetary policy review on, RBI has decided to the reduce the key policy rate by 25 BPS t0 6% where it softens the inflation rate.
Since its inception in October and it is considered as the second rate cut by the monetary policy.
The reserve bank of India Said that “The decision of the MPC is consistent with a neutral stance to achieving the medium-term target for consumer price inflation of 4% .
The rate cut result, the reverse repo rate is adjusted to 5.75%, and the Marginal Standing Facility and the Bank Rate to 6.25%.
Chetan Ghate, Pami Dua, Viral V. Acharya and Urjit R. Patel were in favor of the monetary policy decision.
Ravindra H. Dholakia voted for a policy rate reduction of 50 points.
Michael Debabrata Patra voted for status quo.