140 bps rate cut in a little over a fortnight

This has been done to stop lazy banking. Banks are being encouraged to lend instead of parking their resources with the RBI and earn risk-free interest income

Nobody could have asked for more, even in their dreams. The central bank, yet again, has gone for an out-of-turn cut in its policy rate.

Yes it is a rate cut even though the Monetary Policy Committee was not involved this time, unlike on March 27, when the last rate cut was announced.

RBI Governor Shaktikanta Das did not need to convene an MPC meeting because this was not a repo rate cut; it’s a cut in reverse repo. That’s a technicality. For all practical purposes, since March 27, the reverse repo has become India’s policy rate.