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

The former revenue secretary in the Ministry of Finance, Malhotra is expected to announce the cuts to lower interest rates for economy’s growth which is expected to reach a four year low.

The Indian economy, though continuing to remain strong and resilient, also did not remain immune to these global headwinds, with the Indian Rupee coming under depreciation pressure in the recent months.