The RBI has cut the repo rate - at which it lends short-term funds to commercial banks - twice this year

The Reserve Bank of India's Monetary Policy Committee, chaired by governor Shaktikanta Das, is due to announce its bi-monthly policy decision on Thursday. All eyes will be on any changes with respect to repo rate - the key interest rate at which the RBI lends short-term funds to commercial banks - and the commentary of the central bank's top brass on an economic slowdown, which has resulted in India losing its status as the fastest growing major economy to China. Before the release of the June 6 statement, in which economists expect a reduction in repo rate, here's a recap of the last two bi-monthly reviews, in February and April this year.

February 7

Reduction in repo rate from 6.5% to 6.25%

Change in monetary policy stance from "calibrated tightening" to "neutral" -- A neutral stance allows the RBI to move either way on the key rate

Decision to change policy stance unanimous; four MPC members vote in favour of rate cut, two vote for status quo

The RBI mentions a recovery in crude oil prices from their December lows due to production cuts; oil prices remain below their peak levels in October, it notes

Global financial markets "began the year on a calmer note after a turbulent December", the RBI says

Retail inflation declined from 3.4% in October to 2.2% in December, the lowest in last eighteen months, says the RBI

The RBI cites continuing deflation in food items and a sharp fall in fuel inflation among reasons behind easing consumer inflation

"Short-term outlook for food inflation appears particularly benign, despite adverse base effects," says the central bank

Inflation outlook: Assuming a normal monsoon in 2019, the RBI lowers its consumer inflation projection citing "broadly balanced" risks: to 2.8 per cent in the fourth quarter of 2018-19 3.2-3.4 per cent in the first half of 2019-20 3.9 per cent in the third quarter of 2019-20

Economic growth outlook: The central bank projects GDP growth to pick up to 7.4% in 2019-20, from 7.2% in 2018-19: 7.2-7.4 per cent in the first half of 2019-20 7.5 per cent in Q3 of 2019-20

The RBI says trade tensions and associated uncertainties appear to be moderating global growth

April 4