MUMBAI (Reuters) - 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
India plans to pull its tariff regime closer in line with global norms to prepare for new regional trade pacts being negotiated by advanced economies, the government said on Wednesday. Full Article
RBI to leave repo rate on hold next week but cut 25 bps by end-June - Reuters poll Full Article