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RBI Reduces Repo Rate By 75bps To 4.4% Amid Lockdown due To Coronavirus

Mumbai: RBI Governor Shaktikanta Das on Friday announced that the repo rate has been reduced by 75 basis points to 4.4% amid lockdown due to coronavirus.

Addressing the media, Das said, “Reserve repo rate has been reduced from 90 basis points to 4 per cent.”

According to the RBI governor, the decision “a major reduction” in the policy repo rate was taken to “revive growth and reduce the impact of COVID-19 and ensure financial stability”.

The decision comes a day after Union Finance Minister Nirmala Sitharaman announced a special Rs 1.7 crore relief package to help the poor and migrant workers amid a 21-day nationwide lockout to mitigate the effects of the coronavirus epidemic.

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Total number of coronavirus cases in India crosses 700

No.of Cases in India Infected: 724 Death: 17 Recovered: 66

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