The Reserve Bank of India (RBI) lowered its key repo rate on Wednesday for a second consecutive time and changed its monetary policy stance signalling room for more cuts ahead, as it seeks to boost the sluggish economy in the face of fresh U.

The Bank of India has adjusted its RBLR to maintain a markup of 2.85% over the revised repo rate. Previously, the effective RBLR was 9.10% when the repo rate was 6.25%.