Reserve Bank of India cuts Repo Rate by 35 basis points to 5.40% and the Reverse Repo rate at 5.15%. RBI trims GDP growth forecast for current fiscal to 6.9% from 7% previously predicted.
RBI maintains accommodative stance for monetary policy; says inflation to remain within targeted band. CPI inflation is projected at 3.1 per cent for Q2 FY20 and 3.5-3.7 per cent for H2 FY20.
More details awaited.