The Reserve Bank of India (RBI) on Wednesday cut repo rate for the fourth consecutive time this calendar year to 5.4 per cent from the current 5.75 per cent amid low inflation, faltering economic growth and uncertain global scenario.

The six-member monetary policy committee (MPC) headed by Governor Shaktikanta Das announced the decision after a three-day meeting. On February 7, April 4 and June 6, the central bank had reduced the key lending rate by 25 basis points each time to infuse liquidity and push growth.