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%.

Reserve Bank of India (RBI) governor Sanjay Malhotra has announced the Monetary Policy Committee has cut the benchmark repo rate by 26 basis points.

While new borrowers can expect banks to revise their rates soon, existing borrowers will typically see the benefit at their next reset date, which could be in six or twelve months, depending on their loan agreement.