The Reserve Bank of India on Tuesday cut repo rates by 0.50 per cent to 8 per cent. Repo is the rate at which banks borrow money from RBI. This is a reference rate used by banks to lend to their customers like companies and individuals.
This is the central bank's first interest rate cut since January 2009.
The cash reserve ratio, the percentage of deposits kept by banks with RBI, was left unchanged at 4.75 per cent.
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