The Reserve Bank of India on Wednesday announced its decision to cut the repo rate by 35 basis points, marking the fourth straight reduction in its scheduled bi-monthly reviews so far this year. All six members of Governor Shaktikanta Das-led Monetary Policy Committee voted for a reduction in the repo rate - the key interest rate at which the RBI lends short-term funds to commercial banks - and a status quo on the "accommodative" stance, which rules out any hikes for now. While most economists said the easing of monetary policy was along the expected lines, some even expected another rate cut in the next review slated for October.