RBI cuts Repo Rate by 35 basis points; GDP growth forecast trims to 6.9 percent

Reserve Bank of India (RBI) slashed Repo Rate by 35 basis points to 5.40% and Reverse Repo Rate at 5.15% today. RBI trims GDP growth forecast for current fiscal to 6.9 percent from 7 percent previously predicted.

According to RBI, CPI inflation is projected at 3.1 percent for Q2 FY20 and 3.5-3.7 percent for H2 FY20.

This is developing a story. Further details awaited.