RBI Cuts Repo Rate for third time in 2019 : Loans may get cheaper
NEW DELHI: For the third time in a row, the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) today cut interest rates by 25 basis points, as was widely expected. At the end of a three-day MPC meeting, RBI Governor Shaktikanta Das announced its second bi-monthly monetary policy statement for 2019-20. In a unanimous decision, the MPC also decided to change the stance of monetary policy from neutral to accommodative. Amid slowing economic growth and rising global uncertainty, the RBI had decreased the short-term lending rate (repo rate) by 25 basis points each in its last two policy reviews. Top highlights from RBI's monetary policy: Sovereign bonds rallied in India, sending benchmark yields to their lowest since November 2017, after the central bank cut its key rate and left the door open for more policy easing to shore up a sagging economy. The rupee held losses, while stocks extended declines. -Home and car buyers would be hoping for cheaper...