The Reserve Bank of India cut the policy repurchase rate by 50 basis points to 5.50% today (June 6) in a move aimed at boosting growth amid what it described as a “benign” inflation outlook.

This is the bank’s third consecutive cut since February, bringing the cumulative reduction to 100bp in just under four months.

In his latest governor’s statement, Sanjay Malhotra said the economy was on a strong footing with robust macroeconomic fundamentals, even as the global environment remained “fragile