The RBI Governor Sanjay Malhotra delivered the first interest rate cut in nearly five years. The RBI MPC reduced the repo rate cut to 6.25% from 6.50%.

The six-member monetary policy committee (MPC) revised the repo rate for the first time in 2 years, voting unanimously to cut it by 25 basis points from 6.50% to 6.25% in view of easing retail inflation and slowing growth.

Locals on February 07 elated after RBI MPC cut the repo rate by 25 basis point to 6.25 percent to give benefit to middle class.“My EMI is going to be less. I will have to pay less. It is going to be good for my family and myself.