The Reserve Bank of India (RBI) has slashed its key lending rate, or the repo rate, by 50 basis points to 5.5%. The decision was taken unanimously at the bi-monthly Monetary Policy Committee meeting headed by RBI Governor Sanjay Malhotra.This comes as a relief for borrowers who may expect lower EMIs for long term loans, especially home buyers.The global backdrop remains fragile and global trade projections have been revised downwards, he pointed out but asserted that India would continue to grow faster.”India’s strength comes from strong balance sheets of five major sectors. The Indian economy offers immense opportunities to local and foreign investors. We are already growing at a fast rate and we aspire to grow faster,” said the RBI Governor.
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