Weakening of domestic growth impulses and global slowdown prompted RBI Governor Shaktikanta Das to vote for a 25 basis points cut in interest rate announced earlier this month, a PTI report stated citing minutes of the Monetary Policy Committee (MPC) meeting released on Thursday.
However, his deputy Viral Acharya had favoured status quo in the key lending rate (repo), arguing that the Reserve Bank should wait for "some more time" for additional data before taking call on reduction in rate. Another external expert on the six-member MPC Chetan Ghate too had voted against reduction in the repo rate.
Four of the six MPC members had voted in favour of a 25 basis points reduction in the policy rate.
Weakening domestic growth impulses prompted RBI governor Shaktikanta Das to go for rate cut: Minutes of MPC meetFile image of RBI governor Shaktikanta Das. News18.
On 4 April, the RBI had reduced the repo rate, or the rate at which it lend to banks, by 25 basis points to 6 percent — the lowest level in one year — on softening inflation. It was the second rate cut in a row.
However, his deputy Viral Acharya had favoured status quo in the key lending rate (repo), arguing that the Reserve Bank should wait for "some more time" for additional data before taking call on reduction in rate. Another external expert on the six-member MPC Chetan Ghate too had voted against reduction in the repo rate.
Four of the six MPC members had voted in favour of a 25 basis points reduction in the policy rate.
Weakening domestic growth impulses prompted RBI governor Shaktikanta Das to go for rate cut: Minutes of MPC meetFile image of RBI governor Shaktikanta Das. News18.
On 4 April, the RBI had reduced the repo rate, or the rate at which it lend to banks, by 25 basis points to 6 percent — the lowest level in one year — on softening inflation. It was the second rate cut in a row.
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