The Reserve Bank of India (RBI) has cut the policy repo rate under the liquidity adjustment facility (LAF) by 35 basis points (bps) to 5.40% from 5.75% for fourth time in a row citing downside risks to economic growth. The reverse repo rate has been revised to 5.15%, while the marginal standing facility rate and bank rate to 5.65%. The MPC also decided to maintain the accommodative stance of monetary policy. The benchmark rate is now at the lowest since April 2010. The central bank also cut FY20 economic growth outlook to 6.9% from 7% in the June policy review.