The RBI has already embarked on a rate cutting cycle, and a report by HSBC Global Research said on Wednesday that it expects a 25bp rate cut in each of the June and August policy meetings, taking the repo rate down to 5.5 per cent this fiscal (FY26).RBI to take rate cut down to 5.5 pc in FY26, CPI inflation to average 3.7 pc: HSBC.