The repo is the key policy rate at which the RBI lends to banks. The MPC revises this rate in order to send a signal to banks and also to bring down their cost of funds. In its latest meeting on August 7, four of the six members of the MPC voted to reduce the policy rate by 35bps. In an unusual move, the RBI’s internal members were more aggressive in supporting a higher rate cut, according to the minutes of the MPC released by the central bank on Wednesday.
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