This marked the first rate reduction from the central bank in almost five years and this decision will translate into reduced borrowing costs and potentially help homemakers, experts explained.

Reserve Bank of India (RBI) governor Sanjay Malhotra has announced the Monetary Policy Committee has cut the benchmark repo rate by 26 basis points.

After a hiatus of over 5 years, Sanjay Malhotra, the newly appointed RBI governor presiding  over the first monetary policy under his stewardship has gone ahead to complement the fiscal policy to resuscitate the economy with higher growth by cutting the repo rate by 25 bps to 6.