The newly-appointed governor of the RBI, Sanjay Malhotra, with a mostly new Monetary Policy Committee (MPC) to boot, has kicked off his career by making a sharp break with his predecessor Shaktikanta Das who retired in December last year after helming the central bank for six years.

The latest decision brings the repo rate from 6.50 per cent to 6.25 per cent. Sanjay Malhotra, the newly appointed RBI Governor, chaired his first Monetary Policy Committee (MPC)

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.