The Reserve Bank of India’s monetary policy committee cut its policy rates to their lowest ever level in an emergency meeting today (May 22).

The MPC lowered the repo rate by 40 basis points to 4%, in a bid to offset Covid-19’s effect on the economy. The reverse repo rate now stands at 3.35%, the lowest level since it was introduced in 2000.  

The six members of the committee voted in favour of reducing rates. Five voted for the 40bp cut, with only one, Chetan Ghate, voting for a reduction of

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