LIVE: RBI Governor’s Post-Monetary Policy Press Briefing, Reasons For Decision & Impact On Borrowers

Join us for the LIVE press conference of the Reserve Bank of India after the big rate cuts announced by Governor Sanjay Malhotra this morning. The Governor is joined by other senior officials of the RBI. The Reserve Bank of India's Monetary Policy Committee on Friday unexpectedly lowered the policy repo rate by 50 basis points to 5.50%. The committee also changed the policy stance to 'neutral' from 'accommodative'. The rate-setting panel's decision was a surprise as was its move to cut the cash reserve ratio by 100 bps to 3.00% of net demand and time liabilities, in four tranches. The decision to lower the repo rate by 50 bps was not unanimous, as external member Saugata Bhattacharya voted for a 25-bps reduction in the key rate. The Governor had in his policy statement said that it was imperative to continue to stimulate domestic private consumption and investment through policy levers to step up the growth momentum.