The Reserve Bank of India's (RBI) new Governor Sanjay Malhotra on Friday announced the Monetary Policy Committee's (MPC) decision to cut the repo rate by 25 bps to 6.25%. Until now, the repo rate remained unchanged at 6.50% since February 2023. The RBI increased the repo rate in February 2023 and raised it by 25 bps from 6.25% to 6.50%.