RBI cuts interest rate by 0.5% to boost growth

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Mumbai, Sep 29: In a big boost to the economy and borrowers, the Reserve Bank today cut interest rate by 0.50 per cent and relaxed norms for home loan seekers.

In its monetary policy review, RBI reduced the key rate (repo) by 50 basis points from 7.25 per cent to 6.75 per cent with immediate effect.

RBI cuts interest rate by 0.5%

The central bank cut the GDP forecast to 7.4 per cent for the current fiscal from (rpt) from 7.6 per cent, while projecting retail inflation at 5.8 per cent for January.

PTI 

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