Reserve Bank of India anounces fifth straight cut in key rates; Repo rate cut by 25 basis points, to 5.15 per cent while Reverse Repo rate reduced to 4.90 per cent; Revises GDP target for financial year 2019-20 to 6.1 per cent.

In another rate cut on Friday, the fifth in a row, Reserve Bank of India has cut repo rate by 25 basis points, from 5.40% to 5.15%. The Reverse repo rate has also adjusted to 4.90% and bank rate at 5.40 %, accordingly. The GDP outlook for 2019-20 is revised to 6.1%, from 6.9% in previous Monetary Policy committee meet. For 2020-21, the GDP outlook has revised to 7.2%. The inflation is within the comfort zone and the need to boost the economy is pressing.

RBI Governor Shaktikanta Das said that several measures announced by the government over the last two months are expected to revive sentiment and spur domestic demand, especially private consumption.