In its maiden review on Tuesday, the Monetary Policy Committee ( MPC) decided to cut policy rate by 25 basis points, as the recent fall in inflation seemed more durable than just an outcome of a positive base effect. All six members of the committee, including newly appointed Reserve Bank of India ( RBI) Governor Urjit Patel, met and deliberated for two days before unanimously voting in favour of a cut in the repo rate, which now stands at 6.25 per cent. “The decision of the MPC is consistent with an accommodative stance of monetary policy, in consonance with the objective of achieving Consumer Price Indexbased inflation at 5 per cent by Q4 of 2016- 17 and the medium- term target of 4 per cent within a band of +/- 2 per cent, while supporting growth,” the fourth bi- monthly monetary policy statement read. “The accommodative stance of monetary policy and comfortable liquidity conditions should support a revival of credit to the productive sectors.” Patel, conducting his first mo