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
Record IPO Demand
A $75-million market debut for Indian parcel delivery firm VRL Logistics Ltd has encountered record demand, drawing bids for more than 70 times the number of shares on offer late last week, as investors bet on an e-commerce boom. Read