RBI cuts interest rates by 0.25%

October 04, 2016 14:46

The Reserve Bank of India (RBI), led by new governor Urjit Patel, has cut Repo Rate by 25 basis points to 6.25. He was largely expected to keep rates unchanged on Tuesday, with the prospect of a move later this year.

The Sensex reacted immediately, rising 100 points after the after RBI cuts. EMIs set to fall.

Earlier, former RBI Governor Raghuram Rajan had the final say on interest rate cut decisions. Patel now has to go by the advice of a newly set up six-member monetary policy committee.

This is for the first time that decision-making on interest rates has shifted to the six-member panel which has equal representation from RBI and the government.

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