RBI cuts lending rates by 25 basis points
New Delhi : India's central bank RBI on Wednesday reduced its key lending rates by 25 basis points.
At its second bi-monthly monetary policy review of the fiscal on June 7, the RBI maintained status quo on its short-term rate for lending to commercial banks, at 6.25 per cent. In doing so, the policy statement said the six-member Monetary Policy Committee (MPC) was guided by the risks to inflation.
Retail inflation in India during June dropped to a record low of 1.54 per cent, while industrial production data showed that the growth in factory production fell to 1.7 per cent in May, from 8 per cent in the same month a year ago.