According to Indian Express reports, the reverse repo rate under the LAF now stands adjusted to 6.0 per cent and the marginal standing facility (MSF) rate and the Bank Rate to 6.5 per cent.
Not surprisingly, the RBI's off-the-mark inflation projections drew criticism, with some questioning whether the 50 basis points in rate hikes announced in 2018 were necessary.
Even though at the RBI pressure, Das maintained that the decision on lending rates would be left to the banks and was quick to add that he would meet bank heads soon where issue of inadequate monetary transmission would be discussed.
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"On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) chose to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.50% to 6.25% with immediate effect", the RBI said in a statement.
Four of six members of the MPC voted to cut the rates, while all six voted for a change in the stance.
The MPC also changed its stance to "neutral" from the "calibrated tightening" adopted in October meet past year. The next meeting of the MPC is scheduled from April 2 to 4.
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Going ahead, the RBI said, the short-term outlook for food inflation appears particularly benign, despite adverse base effects.
It has projected GDP growth for 2019-20 is projected at 7.4 per cent - in the range of 7.2-7.4 per cent in the first half, and 7.5 per cent in the third quarter.
Capital Economics' Williams said that the budget proposals combined with looser monetary policy is likely to fuel inflation, raising concerns over how committed the RBI is to keeping it in check. The Financial Sector regulator, also says the Country's economic growth forecast at 6.3%, largely supported by public investments, credit growth and improved agricultural output is feasible.
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The RBI has raised the limit of collateral-free agriculture loans to Rs 1.6 lakh from the current Rs 1 lakh.