Analysis: Sameer Hashmi, India business reporter
The monetary policy meeting was a much-awaited event for the markets for several reasons.
It was Urjit Patel's maiden press conference after taking charge of India's central bank. And secondly, for the first time a six-member committee decided on interest rates rather than the RBI governor alone. The fact that all of them voted unanimously for a rate cut signals a good start for the new decision-making committee.
Interestingly - more than the rate cut - the bigger surprise of the day was the short duration of the press conference, during which Mr Patel took just five questions. This was a stark change compared with previous governors, who would talk to the press for a much longer period.
Many see this as a signal that he wants to keep a low profile, unlike his predecessor, Raghuram Rajan, who was known for his frank interactions and statements.