MUMBAI RBI chief Duvvuri Subbarao said the simultaneous cut in the repo rate and the cash reserve ratio was to ensure transmission of monetary policy action into lending rates.
Subbarao was addressing a post-policy press conference after he earlier cut the repo rate by 25 basis points to 7.75 percent and the cash reserve ratio by an equivalent amount to 4 percent.
(Reporting by Neha Dasgupta; Editing by Anand Basu)
Trending On Reuters
Oil and Natural Gas Corp (ONGC) has paid just over $1.25 billion for a 15 percent stake in Russian oil major Rosneft's Vankor oil field, a source with direct knowledge of the deal said on Friday. Full Article