New Delhi: In a first rate cut in 3 years, the Reserve Bank of India on Tuesday cut repo rate by 50 basis points to 8%.
The RBI cut the short term lending rate by 0.5% to 8%.
The RBI projected growth rate for the current fiscal at 7.3%.
The RBI retained cash reserve ratio at 4.75%.
The RBI cut bank rate by 0.5% to 9%.
The RBI expects inflation to be at 6.5% by March 2013.
The RBI pegged loan growth at 17% in the current fiscal.