The Reserve Bank of India (RBI) on Tuesday cut the repo rate by 50 basis points to a four-year low of 6.75% from 7.25%. Consequently, the reverse repo rate fell to 5.75%. The cash reserve ratio (CRR) remains unchanged at 4%. "The January 2016 target of 6% inflation is likely to be achieved", said RBI Governor Raghuram Rajan.