The RBI reduces the repo rate by 25 basis points, the policy now "accommodating"

The Reserve Bank of India (RBI) lowered its key rate by 25 basis points. The RBI Monetary Policy Committee reduced the repo rate from 6% to 5.75%. The repo rate is the rate at which the apex bank lends short-term money to commercial banks. This decision came two weeks after the NJ led by the BJP came to power. The Monetary Policy Committee of the Reserve Bank of India has decided to abolish charges on RTGS and NEFT transactions, netbanking facilities allowing individuals, companies and companies to transfer funds from one bank to another. .