Summary:
Mumbai: Policy rate cut by 75 basis points to 4.40%, reverse repo cut by 90 bp to 4%. Monetary policy committee voted 4:2 majority to cut repo rate by 75 basis points to 4.4 pc says RBI Governor. The MPC voted for a sizable reduction in the policy repo rate and for maintaining the accommodative stance of the monetary policy as long as necessary to revive growth. RBI will conduct LTRO of up to 3-yr tenor of upto Rs 1 lk cr at floating rate linked to policy repo rate says RBI Governor. “Cash reserve ratio to be increased by 100 basis points to 3 per cent for the next one year..