The Reserve Bank of India (RBI) today reduced the repo rate and the reverse repo rate - by 100 basis points
Media Release
Dec. 6, 2008

Repo rate, the rate at which the central bank lends to the commercial banks, has been brought down to 6.5 per cent from 7.5 per cent. This will bring down the cost of borrowing for the commercial banks.

Reverse-repo rate, the rate at which it accepts money from commercial banks has been brought down to 5 per cent from 6 per cent. However, the central bank today kept the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) unchanged.

Rate cuts announced by RBI Governor Duvvuri Subbarao is expected to boost Indian economy which is going through its weakest expansion in six years following the global recession

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