The RBI Governor Sanjay Malhotra delivered the first interest rate cut in nearly five years. The RBI MPC reduced the repo rate cut to 6.25% from 6.50%.

The Reserve Bank of India’s monetary policy committee (MPC) today unanimously slashed the repo rate by 25 basis points to 6.25% after keeping the key policy rate unchanged for six consecutive times. The MPC also decided unanimously to continue with the 'neutral' policy stance.

Locals on February 07 elated after RBI MPC cut the repo rate by 25 basis point to 6.25 percent to give benefit to middle class.“My EMI is going to be less. I will have to pay less. It is going to be good for my family and myself.