MUMBAI (Reuters) – India’s central bank slashed interest rates in an emergency move on Friday to counter the economic fallout from the coronavirus pandemic after the federal government locked down the country in order to slow the spread of infections across the region. FILE PHOTO: Police stand guard as depositors (unseen) of the Punjab and Maharashtra Co-operative Bank (PMC) attend a protest over the Reserve Bank of India (RBI) curbs on the bank, outside a RBI office in Mumbai, October 1, 2019. REUTERS/Prashant Waydande/File Photo Prime Minister Narendra Modi has asked India’s 1.3 billion people to stay indoors for three weeks in the biggest lockdown anywhere, shutting down Asia’s third largest economy and leaving millions of economically vulnerable people without work. The Reserve Bank of India lowered the benchmark repo rate by 75 basis points to 4.40% after a video conference meeting of its monetary policy committee (MPC), which was brought forward to respond to the crisis. The RBI also announced several other steps to tackle the impact on various industries from the lockdown. Below are some of the key measures taken. 1) TARGETED LONG TERM REPOS OPERATIONS (TLTRO) RBI will conduct auctions of targeted term repos of up to… Read full this story
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