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Mar 27, 2020 01:13 PM IST | Source:

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.

Follow our LIVE Updates on COVID-19 here.

Among the expectations include a 25-50 bps rate cut, NPA forbearance and more liquidity easing measures. The extent of a rate cut will be a signal that the central bank has our backs, experts believe.
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