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The Monetary Policy Committee (MPC) of the Reserve Bank of India, led by Governor Shaktikanta Das, unanimously lowered Thursday the key rate or key rate of 25%, from 0.25 to 5.75 %. The six-member committee also changed the political stance from "neutral" to "accommodating". The redemption rate is the interest rate at which commercial banks borrow short-term funds from the RBI. Thursday's decision comes at the end of a three-day meeting of the MPC. With today's reduction, the RBI lowered the key interest for the third consecutive time to a level reached in September 2010.
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