At its monetary policy meeting held this Thursday, the Reserve Bank of India (RBI), the Indian central bank, slashed the benchmark interest rate, the Repo Rate, by 25 bps to 5.75% vs. 6.00% previous, as widely expected.
According to the latest Reuters poll of economists, “Two-thirds of 66 economists predicted the RBI to cut its repo rate by 25 basis points at its June 4-6 meeting, bringing it to 5.75% – the lowest since July 2010. It is then expected to keep policy on hold at least until the end of next year. The last time the central bank cut rates three times in a row was in 2013.”
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