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.

The RBI's Monetary Policy Committee, led by new Governor Sanjay Malhotra, cut the repo rate by 25 basis points to 6.25%, maintaining a neutral stance. This change follows eleven meetings with an unchanged rate.