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

This marked the first rate reduction from the central bank in almost five years and this decision will translate into reduced borrowing costs and potentially help homemakers, experts explained.

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.