The Reserve Bank of India's Monetary Policy Committee (MPC) cut key interest rate for the fourth consecutive time. Reserve Bank's MPC cut repo rate by 35 basis points or 0.35 per cent to 5.40 per cent, the lowest in over nine years. Repo rate is the key interest rate at which the central bank lends short-term funds to commercial banks. The six-member monetary policy committee (MPC) also maintained the "accommodative" stance on the monetary policy. In the earlier three policies, the central bank had reduced repo rate by 25 basis points each. The RBI also revised real GDP growth for 2019-20 downwards to 6.9 per cent from 7 per cent in the June policy.