Published on 8/08/2019 4:49: | Source: ANI

35-basis-point rate cut a `balanced call`: RBI Governor

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After the Reserve Bank of India slashed the key lending rate by 35 basis points to 5.4 per cent; Governor Shaktikanta Das termed the cut a balanced call by the Monetary Policy Committee (MPC) in view of the current economic condition, and said a 50-basis point cut could have been excessive. Das explained the decision of the MPC when asked whether the RBI had more space to cut the repo rate, and whether similar decisions could be expected in the future. RBI slashed the key interest rate, at which it lends money to banks, for the fourth straight time. One basis point equals to one hundredth percentage point.