Reserve Bank of India (RBI) Governor Shaktikanta Das announced a cut in the repo rate by 40 basis points (bps) to 4 per cent, while the reverse repo rate was reduced simultaneously to 3.35 per cent.
The Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday addressed his third press conference regarding the coronavirus (COVID-19) related measures. The governor announced a cut in the repo rate by 40 basis points (bps) to 4 per cent, while the reverse repo rate was reduced simultaneously to 3.35 per cent.
Prior to this meeting, Das held two pressers on March 27 and April 17, where cut its repo rate to 4.4 per cent and reverse repo rate to 3.75 per cent.
In his address to the media, the central bank governor said that an off-cycle meeting of the monetary policy committee (MPC) was done for past three days. He said that the MPC voted 5:1 in favour of a rate cut.
More to follow
? The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
For all the latest Business News, download Indian Express App.
Source: Read Full Article