RBI chief Raghuram Rajan on Tuesday cut repo rate by 50 basis points
Reserve Bank Governor Raghuram Rajan on Tuesday cut the benchmark repo rate by 50 basis points to a four-year low of 6.75 per cent in a surprise move. Here are Dr Rajan's top five quotes from the press conference after the policy announcement:
- I don't think we were excessively aggressive (on 50-basis point rate cut)... it's not a Diwali present
- My name is Raghuram Rajan and I do what I do
- The economy has legacy problems and there are no silver bullets
- Our best protection against financial market turmoil is good policies
- Used maximum policy room that inflation gave; The RBI and the government working hard to turn around the economy; expect some rate transmission soon (from banks)
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