RBI cuts repo rate to 4%; maintains accommodative stance

Making the announcement, RBI Governor Shaktikanta Das said the reverse repo rate has been reduced to 3.35 percent from 3.75 percent

Published on:

22 May 2020, 5:39 am

To mitigate the economic impact of the COVID-19 outbreak, the Reserve Bank of India (RBI) on Friday again reduced the key lending rates by 40 basis points.

Accordingly, the Monetary Policy Committee of the central bank in an unscheduled meet reduced the repo rate by 40 basis points to 4 percent from 4.40 percent.

Also Read: RBI extends moratorium on term loans by 3 more months till August 31

Making the announcement, RBI Governor Shaktikanta Das said the reverse repo rate has been reduced to 3.35 percent from 3.75 percent.

Das said the central bank would maintain an accommodative stance till growth revives.

rbi