The Reserve Bank of India (RBI) will unveil on Thursday its first bi-monthly monetary policy decision of this new fiscal.

The RBI's Monetary Policy Committee (MPC) will meet from April 2 to 4 for the first bi-monthly policy statement for 2019-20, the central bank said in a release Monday.

"The resolution of the MPC will be placed on the website at 11.45 AM on April 4, 2019," it said.

Industry and experts are expecting that the banking sector regulator may cut the key lending rate -- at which it lends to commercial banks -- by 0.25 per cent so as to boost the economic activities as fears loom large about global economic slowdown impacting India's growth prospects.

The RBI had cut the repo rate by 25 basis points (bps) or 0.25 per cent in February after a gap of one-and-a-half years.

A back-to-back cut in interest rate would provide relief to borrowers in the election season, experts say.

Ratings firm ICRA said: "We expect a 25 bps rate cut in the upcoming meeting of monetary policy committee..."

"With the subdued growth outlook and moderate inflation. The RBI does not seem to have any major reason not to cut the policy rate again during its next meeting. I think that the relevant question is whether the bank would cut the rate by more than 25 bps," said Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares & Stock Brokers.