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RBI cuts Repo Rate by 50bps at 6.75%, keeps CRR unchanged at 4%

The Reserve Bank of India (RBI) has reduced the repo rate by 50 basis points to 6.75 percent.

It has kept the CRR unchanged at 4 percent. This has been a fourth repo rate cut by RBI since January 2015.

It has lowered its GDP growth target for FY16 to 7.4 percent from 7.6 percent, it has said that now the focus should be shifted to bringing down the inflation to 5 percent by FY 17 end.

Last in March 2011, the repo rate was at 6.75 percent.

RBI said, the focus of monetary action in the near term will shift towards removing impediments in rate cut transmission by banks.

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