In his first Monetary Policy announcement on Friday, Reserve Bank of India (RBI) Governor Sanjay Malhotra stated that the Monetary Policy Committee (MPC) had unanimously decided to reduce the policy rate by 25 basis points (bps) from 6.

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.

In a landmark decision, the RBI, the central bank of India, announced a rate cut after nearly five years. The RBI Governor, Sanjay Malhotra, made this announcement after conducting his first-ever MPC meeting as the new RBI Governor.