Mumbai, Apr 21: The Reserve Bank of India (RBI) revealed the annual monetary policy here on Tuesday.
According to the report, the short-term lending (repo) rate and borrowing (reverse repo) rates have been reduced by 25 basis points.
The repo rate, thus stands at 3.25 per cent while reverse repo rate stands at 4.75 per cent.
The RBI has said that there is scope for banks to cut lending rates and has asked banks to review their benchmark prime lending rates (BPLR).
A committee has now been formed to review the BPLR system.