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The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) cut the key repo rate by 25 basis points to 5.15 per cent and maintained its 'accommodative' stance. The six-member MPC of the RBI said that the online money transfer through National Electronic Funds Transfer will be now available 24x7. Over 13 lakh houses worth Rs 9.38 lakh crore, or about 5 per cent of India's GDP, are lying unsold across the country as the real estate sector grapples with the worst-ever slowdown in the last many decades. Read for more top stories from the world of business and economy:
The value of this inventory at Rs 9.38 lakh crore is more than the gross state domestic product (GSDP) of most states including Kerala, Haryana, Madhya Pradesh, Andhra Pradesh, and is almost double the GSDP of Bihar.