Repo Rate Reduced to 4.4% and Reverse Repo Rate to 4%: RBI Governor Shaktikanta Das

On Friday, RBI Governor Shaktikanta Das announced a cut of 75 basis points in the repo rate to 4.4%.
He also announced that reverse repo-rate has been reduced by 90 basis points to 4%.
Talking about the COVID-19 pandemic Das said, due to this disease there is a possibility that a large part of the world will slip into recession.
Das said that RBI has decided to reduce the Cash Reserve Ratio of all banks by 100 basis points to 3% of net demand & time liabilities with effect from the fortnight beginning March 28 fo 1 year.
These decisions were taken in an unscheduled meeting of its Monetary Policy Committee (MPC) and four out of the six members of the MPC voted in favor of the move.

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