RBI Governor Press Conference Highlights | Catch all the news and developments from RBI Governor's Shaktikanta Das' address here:
RBI Governor Press Conference Highlights | RBI has taken giant steps to safeguard economy: PM Modi
Repo rate now stands at 4.40% vs 5.15% earlier
Reserve Bank of India (RBI) governor Shaktikanta Das March 27 announced a massive 75 basis points cut in repo rates as a measure to counter the economic slowdown caused by the COVID-19 pandemic.
The reverse repo rate has been cut by 90 basis points to 4 percent. Das said this has been done to make it unattractive for banks to passively deposit funds with the RBI and instead lend it to the productive sectors.
The RBI rate cut comes just a day after Finance Minister Nirmala Sitharaman announced a Rs 1.7 lakh crore relief package for the poor.
The economy has been battered by the coronavirus (COVID-19) pandemic and governments across the globe have taken measures to combat the impact.