RBI cuts repo rate by 50bps to 6.75%; CRR remains static at 4%

Mumbai, Sep 28 (ANI): Reserve Bank of India Governor Raghuram Rajan declared on Tuesday in Mumbai that RBI has cut the Repo Rate by 50 bps to 6.75 percent while the Cash Reserve Ratio (CRR) has remained unchanged at 4 percent while announcing the 4th Bi-Monthly Monetary Policy Statement for 2015-16. Rajan said that January 2016 target of 6% inflation is likely to be achieved so as of now the focus shifts to bringing down the inflation at 5%. He further mentioned that RBI shall continue to be vigilant for signs that monetary policy adjustments are needed to keep economy on target disinflationary path thus coping with dynamism. He also ensured that all the measures are taken in accordance with the weak global cues.