Governor Sanjay Malhotra on Friday announced that the central bank has slashed the policy repo rate by 25 basis points from 6.5 per cent to 6.25 per cent. The decision was taken on a unanimous basis.

India's new central bank governor Sanjay Malhotra cut interest rates by 25 basis points to 6.25%, aiming to support a slowing economy. The monetary policy committee's decision disappointed some investors seeking more proactive measures.

The RBI, under new Governor Sanjay Malhotra, reduced the interest rate for the first time in nearly five years on Friday to support a slowing economy. The 25 basis points cut brings the policy rate down to 6.