The Reserve Bank of India reduced its key interest rates for the first time in nearly five years as the newly appointed governor prioritized providing impetus to economic growth than containing inflation and, underlined that the bank does not target any exchange rate level for the rupee.
The 6-member RBI Monetary Policy Committee, headed by Governor Sanjay Malhotra, decided to lower the policy repo rate by 25 basis points to 6.25 percent from 6.50 percent.
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by Renju Jaya
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