The Reserve Bank of India (RBI) reduced its key repo rate on Friday for the first time since May 2020, aiming to provide stimulus to the sluggish economy, which is projected to grow at its slowest pace in four years during the current fiscal year.

The central bank has reduced key interest rates by 25 bps, a much-needed relief for liquidity boost, but has kept its stance 'neutral'

India’s new central bank governor cut interest rates for the first time in almost five years on Friday to help spur a slowing economy as global risks intensify.