The Reserve Bank of India (RBI) announced a huge 75 basis points rate cut on March 27, bringing it to 4.40 percent from 5.15 percent.Announcing a series of measures to ensure liquidity and stability in the country’s financial system as India battles coronavirus, the Reserve Bank of India (RBI) governor Shaktikanta Das said the monetary policy committee (MPC) met almost a week ahead of the scheduled date.“This decision of the rate cut and the advancement of MPC have been warranted by the disruptive force of COVID-19. It is intended to mitigate the negative effects of the virus, to revive growth and to preserve financial stability,” Das said.Close Takeaways from RBI’s press conference announcements: related news RBI does its bit to tackle COVID-19 Top economists hail RBI’s COVID-19 rescue package, say Bazooka unleashed RBI announcements to safeguard economy from impact of coronavirus: PM Modi Sizeable cut in repo, reverse repo ratesThe RBI slashed repo rate by 75 bps to 4.40 percent while the reverse repo rate, which sets the floor of the liquidity adjustment facility (LAF), was reduced by 90 bps to 4 percent.“The purpose of this measure, relating to reverse repo is to make it relatively unattractive for the banks… Read full this story
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