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RBI Governor explains why MPC went for an 'unprecedented' 35 bps rate cut

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The Reserve Bank of India (RBI) Governor Shaktikanta Das Wednesday termed the steeper 0.35 percent repo rate cut as a "balanced" call given the domestic and global developments. He explained that a 0.25 percentage points reduction, as it has done thrice this year since February, would have been "inadequate", while a 0.50 percentage points cut would have been "excessive". The six-member Monetary Policy Committee (MPC) for the fourth consecutive times in a 4:2 vote resolved to cut the rates by 0.35 percent, taking the total cuts during 2019 to 1.10 percent to a near record low of 5.40 percent. Watch this video to know more. (Text: PTI)

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