Major relief to common man as the Reserve Bank of India on Thursday slashed repo rate to 5.75 per cent from 6 per cent. The move was taken by the RBI in order to make home loans and other loans cheaper.

The Reserve Bank of India’s monetary policy committee, led by Governor Shaktikanta Das, announced the policy decision on Thursday amid slowing economic growth and global uncertainty.

The repo rate is the interest rate at which the Reserve Bank of India lends money to commercial banks in the event of any shortfall of funds. This is the third repo cut by the Reserve Bank of India in the past six months.

The RBI has also decided to set up a committee involving all stakeholders, under the chairmanship of CEO Indian Banks’ Association, to examine ATM charges and fees.