Mumbai, June 6 -- The Reserve Bank of India (RBI) Governor Sanjay Malhotra is set to announce the policy repo rate today at 10 AM in Mumbai, as the three-day Monetary Policy Committee (MPC) meeting comes to a close.

This policy meeting comes at a time when inflation in the country has been steadily declining. According to the Ministry of Statistics and Programme Implementation, India's retail inflation fell to 3.16 per cent in April, compared to 3.34 per cent in March.

The decline in inflation has brought it below the Reserve Bank's comfort level of 4 per cent, leading to expectations that the central bank may take a softer stance on interest rates.

In the last MPC meeting held on April 7, 8, and 9, the RBI had already reduced the repo...