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RBI Governor Sanjay Malhotra-headed MPC is scheduled to begin a three-day meeting on policy rate on Monday
Delivering the announcement on the rate cut, RBI Governor Sanjay Malhotra said that inflation had softened significantly.
Economists and banking experts widely expect the central bank to reduce the repo rate by 25 basis points.
India's retail inflation slipped to 3.6 percent in February.
However, RBI revised the GDP growth projection for the current fiscal sharply downward to 6.6% from the earlier estimate of 7.2%.
Will keep a tight vigil on infaltion, RBI governor Das said.
Indian economy, financial sector stood strong, resilient amidst unprecedented global headwinds, Reserve Bank of India governor Shaktikanta Das says
Central bank's annual report says new stress events in global financial system could pose downside risks to growth
Repo rate is the rate at which the RBI lends money to commercial banks. It is used by monetary authorities to control inflation.
Reserve Bank of India Governor Shaktikanta Das also announced the bi-monthly monetary policy on Wednesday.
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