Business / Home, auto loans set to be cheaper as RBI cuts repo rate by 25 bps to 6%

The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das on Thursday announced reduction of repo rates by 0.25 bps points to 6% in its first bi-monthly monetary policy of 2019-20. The move is expected to lead reduction of lending rate by banks leading to lower EMI for housing, car loan & corporate borrowers. RBI has projected GDP growth for 2019-20 at 7.2 percentwith risks evenly balanced