The RBI also expanded the Ombudsman Scheme to rural cooperative banks.
This latest repo rate cut, if followed by banks, can further stimulate borrowing and provide relief to consumers.
RBI is taking several proactive measures.
As the automotive sector has slowed down, the minister said that automotive ancillary units that need stimulus are to be established.
In order to meet the demands of customers on changing ATM charges and fees, the RBI decided to establish a committee to review them.