Das said the decision was taken at an off-cycle meeting of the monetary policy committee held over the past three days.
RBI Governor Shaktikanta Das on May 22 announced 40 basis points cut in repo rate to 4 percent. Accordingly, the reverse repo rate stands adjusted to 3.35 percent.
Repo is the rate at which RBI lends funds to commercial banks when needed. It is a tool that the central bank uses to control inflation.
"The monetary policy committee (MPC) has voted 5:1 to reduce policy repo rate by 40 basis points," Das said while addressing his third press conference to announce COVID-19-related relief measures.
The MPC maintained its accommodative stance.