RBI's Raghuram Rajan announced 50 bps rate cut ignoring majority advise of 25 bps rate cut 

MUMBAI: The Reserve Bank of India governor Raghuram Rajan once again chose to ignore the majority of his advisor asking for a reduction in key policy rates of to 25 bps and went ahead with a steep 50 bps rate that ended up cheering the markets. 

The RBI, cut its benchmark policy rate- the repo rate by 50 bps to 6.75% to kick start economic activity on September 29. Though six members recommended a reduction of the repo rate, only two of them suggested a steep reduction of 50 basis poin .. 

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